Ark Invest: Bitcoin will grow to $ 124,000 by the end of the year

Ark Invest analysts expect the price of bitcoin BTC $97,164.85 Bitcoin 0.21% Market capitalization $1.92 trillion VOL. 24 hours $1.49 billion to reach $ 124,000 by the end of 2024. Thus, the first cryptocurrency will retain significant potential for further growth.

Ark Invest analyst David Pewell said that bitcoin has all the prerequisites to overcome the $ 100,000 level after the expected correction. In an optimistic scenario, the price could rise to $ 124,000 by the end of the year. The current market dynamics are in line with these forecasts.

According to Ark Invest experts, this cycle, the cryptocurrency may additionally grow by 55−65%, reaching the price range of $ 126,000-$ 134,000. After this level, it will be possible to talk about the peak of the current cycle.

The expert confirmed the forecast of Ark Invest CEO Katie Wood, who believes that by 2030, bitcoin could exceed $ 1 million. The baseline forecast is $ 650,000, and under favorable conditions, the price could reach $ 1.5 million.

The analyst emphasized the key role of the US administration and regulators, in particular the Securities and Exchange Commission (SEC). The introduction of a strategic bitcoin reserve could drive further growth of the cryptocurrency.

By the way, according to a report by Pantera Capital, bitcoin could reach $ 740,000 by April 2028 if the current growth rate continues. This forecast is based on an average annual growth rate of 88%.