Bitcoin’s been through the wringer lately, trading at a measly $23,000—a far cry from its $69,000 peak. But ARK Invest isn’t sweating it. Their latest “Big Ideas 2023” report doubles down on a gutsy prediction: BTC’s hitting $1 million by 2030, crypto winter be damned.
The report’s got some swagger, pointing out that even with the market tanking, Bitcoin’s holding its own better than most assets. ARK’s charts show this latest slump—down from that all-time high—is the fifth biggest drop in BTC’s history and the second longest stretch of pain. But here’s the kicker: they say the coin’s guts are tougher this time around. Compared to past crashes, Bitcoin’s got more addresses with cash (43.5 million vs. 32.6 million in November 2020), a beefier long-term holder stash (71.8% vs. 66.3%), and a juiced-up hashrate (262.4 vs. 127.8). Fundamentals? Stronger than ever, ARK says.
They’re also vibing on the hodler vibe—over 71% of BTC’s supply is locked up with folks holding for six months or more. That’s a sign investors are eyeing the long game, not panicking over the dip. Plus, 2022’s ice age didn’t scare off the big dogs—BlackRock, BNY Mellon, EagleBrook Advisors, and Fidelity all hopped on the Bitcoin bandwagon, boosting institutional cred.
Price-wise, BTC’s just cracked $20,000 and is flirting with $23K. Barchart’s got the line in the sand at $22,600 for support and $23,200 as resistance. Bust through that ceiling, and it might keep climbing in the next few days. Slip below support, though, and short-term bears could start growling. For ARK, it’s all noise—their $1 million dream’s still alive, banking on Bitcoin’s bones to carry it through the decade.
