Bitcoin has regained its luster in recent days as crypto markets outshine following the ongoing global banking crisis. With the failure of Silvergate, Silicon Valley Bank, Signature Bank, and most recently, Credit Suisse, crypto assets appear to have become a safe haven for most investors.
Banking Instability bolsters BTC Outlook
In a recent interview with Bloomberg, ARK Investment Management CEO Cathie Wood thinks bitcoin’s outstanding price action despite the turbulence in traditional finance will attract more individual and institutional investors.
“The fact that Bitcoin moved in a very different way from the equity markets, in particular, was quite instructive,” Wood stated.
After smashing through the $28,000 threshold on Sunday, bitcoin skyrocketed to $28,820 on Wednesday before a slight retracement at press time.
In the interview, Wood doubled down on ARK’s prediction that BTC will cost roughly $1.4 million by 2030. She explained that the investment giant’s price target was based on an institutional investor bitcoin allocation analysis, which calculates that plenty of companies would allocate between 2.5% and 6.5% to the flagship cryptocurrency in their portfolios.
New Outrageous Price Targets For Bitcoin
Bitcoin soaring amid the bank sector’s calamities has prompted enthusiasts like Cathie Wood to promote the largest crypto by market cap as a “safe haven” and financial lifeboat. “Indeed, during the last week, crypt assets behaved like safe havens: along with gold, their prices appreciated,” Wood noted.
ARK Invest’s Wood is far from alone in eyeing sky-high BTC price valuations coming true. Some are even calling for bitcoin to reach the $1 million level before the end of 90 days.
Nonetheless, it seems that bitcoin is primed for a significant pullback in the near term, suggesting that it’s just too shaky a time at the moment for definitive calls to be made.