According to a recent report, ARK Invest stood by its prediction that BTC will rise to $1 million by 2030.
ARK investment analysis
The crypto market has been experiencing market crashes, with bitcoin among the biggest losers. This coin is trading just a shadow away from its all-time high of over $69,000.
However, recent winters did not deter ARK-Invest from emphasizing its bold prediction that BTC will hit $1 million by 2030. This is according to their recent report titled ‘Big Ideas 2023‘, which talked about innovation, technologies and even bitcoin.
This report mentioned that Bitcoin continued to outperform many other asset classes even in the midst of winters. Using charts, ARK detailed that BTC’s recent decline from its all-time high is the fifth largest and second longest in the coin’s lifespan.
Furthermore, the network highlighted that, based on its analyses, BTC’s fundamentals in the recent drag down are stronger than those in previous drags. ARK noted that BTC, despite the recent drop, has a higher supply of long-term headlines, hashrate, and addresses with balances above zero.
In the November 11, 2020 crash, BTC had around 32.6 million addresses with non-zero balances, 66.3% long-term headline supply, and 127.8 hash rate. In the recent dip, BTC had 43.5 million addresses with non-zero balances, 71.8% long-term holder supply, and a hash rate of 262.4.
Additionally, ARK noted that despite challenging market conditions, Bitcoin holders are currently more focused on long-term fundamentals.
The report shows that more than 71% of all BTC in circulation belongs to long-term holders, that is, people who hold it for more than six months. This could indicate that investors are only focused on the long-term values of the coin, according to ARK analysis.
ARK also highlighted that in the middle of winter 2022, there was still a substantial increase in institutional support for the coin. Entities like Blackrock, BNY Mellon, EagleBrook Advisors, and Fidelity joined the BTC bandwagon.
BTC Price Action
Bitcoin recently crossed the $20,000 mark and is trading at $23k. According to Barchart’s analysis, the currency support is $22.600, while resistance is at $23,200. If the coin rises to break past the most immediate resistance, it could be open for further gains in the coming days.
However, if a reversal occurs and the coin falls below its support, it could start some short-term bears.
