Key Points
- Ark Invest CEO Cathie Wood predicts Bitcoin could reach $1.5 million by 2030 due to institutional adoption.
- Despite the bullish outlook, $66 million worth of Bitcoin was liquidated in 24 hours.
Cathie Wood, the CEO of Ark Invest, has made another bold prediction about the future of Bitcoin.
Wood suggests that institutional adoption could drive Bitcoin’s value up to an impressive $1.5 million by 2030. However, this optimistic forecast coincides with a period when $66 million worth of Bitcoin was liquidated in just 24 hours.
Wood’s Positive Bitcoin Prediction
In a recent interview, Wood reiterated Ark Invest’s ambitious Bitcoin price projection, attributing growing institutional demand as a significant factor. She postulates that as more corporations and financial institutions incorporate Bitcoin into their portfolios, the asset’s scarcity and utility will exponentially increase its value.
“We actually think the odds have gone up that our bull case will be the right number, because of what is becoming the institutionalization of this new asset class,” Wood stated.
This outlook aligns with Ark Invest’s previous report titled: Big Ideas 2025. According to the report, if Bitcoin maintains a 58% Compound Annual Growth Rates (CAGR), it could trade as high as $1.5 million in the next five years. Even a more conservative 40% CAGR could see Bitcoin peak at around $710,000. In a worst-case scenario with a 21% CAGR, Bitcoin could still reach $300,000 by 2030.
Bitcoin’s Short-Term Instability
Despite this optimistic long-term forecast, Bitcoin continues to struggle with short-term price instability. Over the past 24 hours, more than $66 million in Bitcoin positions have been liquidated, emphasizing the market’s ongoing volatility.
Data shows that the liquidations were evenly distributed between long and short positions, indicating trader uncertainty. Long traders recorded more than $56 million in losses, while short sellers faced around $10 million in liquidation.
This recent sell-off occurred after Bitcoin failed to maintain momentum above key resistance levels, resulting in cascading liquidations across major exchanges. Bitcoin dropped below its historic $100,000 mark and is currently trading around $95,000.
In the last 24 hours, a total of $280.79 million was wiped out from the crypto market, with Binance accounting for the majority of the losses. The exchange contributed approximately 36% of the total liquidations, followed by other exchanges such as Gate.io, OKX, Bybit, and HTX.
