From Investing.com:

Cryptocurrency maverick Cathie Wood has forecasted an unprecedented base case scenario for Bitcoin, pegging the price at a groundbreaking $600,000 and a bull case scenario that could see the leading cryptocurrency cresting an eye-watering $1.5 million mark by 2030.

Amid a surge in market activity post the launch of a spot Bitcoin ETF, the inaugural day witnessed an astounding 700,000 individual transactions. Notwithstanding the discount at which the Grayscale Bitcoin Trust (GBTC) is trading, indicative of potential selling and outflow, the trading volume for various funds, including IBIT, FBTC and ARKB, chalked up a staggering $4.33 billion.

The options market, too, is buzzing with activity, with 36,000 BTC options set to expire, boasting a notional value of $1.68 billion. The Ethereum options market is not far behind, with 262,000 options due, reflective of dynamic market sentiment.

Bitcoin’s consistent support above the 50-day and 100-day EMAs on the price chart is painting a bullish picture, with the current market movements hinting at a healthy consolidation, with the potential for an upside continuation in the offing.

Cathie Wood’s astronomical Bitcoin forecast latches onto various factors, including growing institutional adoption that is positioning Bitcoin as a tool for institutional risk diversification and store value. The stark contrast between Bitcoin’s fixed 21 million coin supply cap and the inflating supply of fiat currencies is also tipping the scale in its favor, potentially driving its value as a deflationary asset.

Bitcoin’s network effect, coupled with technological advancements and increased accessibility, is underscoring Wood’s prediction, spelling continued growth for the leading cryptocurrency in the offing.



Read more: Bitcoin to $1.5 Million? Ark Invest’s Cathie Wood Makes Epic BTC Price Prediction By U.Today