Ark Invest Analyst Thinks Bitcoin Could Reach $1 Million But How?
Bitcoin has rose violently the last week as it nears the $31,000 mark. Several analysts have predicted that Bitcoin will rise in 2023 and beyond. Likewise, Yassine Elmandjraan Ark Invest analyst believes Bitcoin will reach $1 million in the next 10 years.
These bullish views on Bitcoin are not new and it has maintained its status as the top cryptocurrency since its inception.
Yassine Elmadjra shares his thoughts on Bitcoin
In an interview, Ark Invest Analyst stated that Bitcoin has been the most effective asset in the last decade. He believes that depending on risk adjustments, BTC could yield between 2.5% to 6.6%, which could translate to over $1 million over the next 10 years.
He highlighted Bitcoin’s resilience despite market uncertainty and financial chaos, pointing to the fact that Bitcoin is in the same breath as gold as a store of value. Elmandjra notes that while a 20-fold increase may sound overly optimistic, it is achievable based on Bitcoin’s origins.
The analyst believes the digital asset sector is growing rapidly and will be more relevant in the coming years as Bitcoin and other cryptocurrencies are already enjoying increased institutional adoption. On the other hand, regulatory issues and restrictions are a challenge for promoting the digital economy.
Balaji Srinivasanthe former CTO of Coinbase, also bet on Bitcoin with James Medlock last month of 1 BTC and $1 million USDC. The terms are that if Bitcoin fails to reach $1 million by June 17, 2023, Medlock wins the bet.
But if it does, Srinivasan will keep his 1 BTC and $1 million USDC. This effort reflects the tremendous faith that BTC enjoys from investors around the world.
Where is BTC headed?
Bitcoin is in an uptrend on the daily chart today, consolidating on the gains from yesterday’s close of $30,399. It is trading at the $30,824 price level, forming higher tops on the daily chart.
BTC is above its 50-day and 200-day Simple Moving Averages (SMA)with bullish sentiment in the short and long term. Also Relative Strength Index (RSI) is at 72.04, firmly in the overbought region and strongly bullish. Trading volume has increased by over 6.5% in the last 24 hours, indicating interest from traders.
BTCs Moving Average Convergence/Divergence (MACD) is above the signal line and still rising, reflecting the bullish trend. Bitcoin has broken the psychological resistance level of $30,000 that led to the current rally.
If the bulls persist, it is likely to break above $31,000 in the coming days. However, a small withdrawal for consolidation is also possible for the asset.
Featured image from Pixabay and chart from Tradingview
