The cryptocurrency industry went into a state of shock after Bitcoin (BTC) dropped below the coveted $100,000 mark. The king coin started the first week of February on a bearish note as BTC dipped to a low of $93,000. While several lost hope and were selling their holdings, predictions from prominent firms unveiled a promising future for BTC holders. Ark Invest, in its latest report, highlights the possibility of BTC surging over $1 million.
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Looking Into Bitcoin’s Current Market
During the time of writing, BTC was trading at $98,051.24 following a 1.31% drop over the past 24 hours. The asset was seen slowly recovering from its latest drop. Earlier today, Bitcoin surged all the way to a high of $100,807.36.
During the month of January, the king coin recorded a new all-time high of $109,114.88. BTC is currently trading at 10.28% below this peak. This might seem like a fairly low number compared to Ark Invest’s prediction.
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Ark Invest’s Prediction
According to a recent report, Bitcoin is expected to trade at a maximum price of $1,500,000 by 2030. This is the bullish case for the king coin. The average trading price of BTC was set at $700,000. Lastly, the bearish case for the king coin was set at $300,000. All of these price marks are much higher than BTC’s current price level.
The research states that 74 publicly traded businesses currently have Bitcoin on their balance sheets. The value of business balance sheets increased from $11 billion in 2023 to $55 billion in the last year. MicroStrategy, Boyaa Interactive, and the cryptocurrency mining company MARA Digital are some of the companies that own Bitcoin. This increased adoption of the asset by these public companies could be a key driver of the world’s largest cryptocurrency.
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