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Bitcoin Retraces to $95K as ARK Invest Predicts $124K by Year-End

Bitcoin’s Price Action and ARK Invest’s Optimistic Outlook Bitcoin (BTC) , after nearing the $100,000 mark , has retraced to $95,000 . Despite this pullback, ARK Invest remains bullish, projecting a price of $104,000 to $124,000 by the end of 2024. The investment firm also envisions a potential long-term peak of $1.5 million per BTC by 2030 . Short-Term Outlook: $124K by Year-End Seasonality and On-Chain Metrics David Puell , research associate at ARK Invest, outlined the following key indicators: The current Bitcoin market cycle is approximately 55%-65% complete . Projections suggest the cycle’s peak could range between $126,000 and $134,000 . Seasonal trends and on-chain metrics support a gradual price rise as the year closes. Potential Risks Puell cautioned about cycle-driven pullbacks , which are typical as the market consolidates before pushing higher. Long-Term Projections: $1.5 Million by 2030 ARK CEO Cathie Wood’s Vision Cathie Wood maintains an ambitious target for Bitcoin: Long-term value could reach $1.5 million per BTC by 2030 , driven by increasing adoption and reduced global reliance on fiat currencies. Bitcoin’s evolving role as a strategic reserve asset is also seen as a critical driver of value. Factors Influencing Bitcoin’s Trajectory 1. U.S. Monetary Policy The Federal Reserve’s monetary tightening and its implications for the economy play a significant role in Bitcoin’s appeal as an inflation hedge. 2. SEC and Regulation The SEC’s leadership under the Trump administration may influence the regulatory environment for cryptocurrencies. Positive developments, such as the approval of a spot Bitcoin ETF, could catalyze further price growth. 3. Strategic Bitcoin Reserves The potential for institutional players and even governments to hold Bitcoin as a strategic reserve adds a new layer of demand. Current Market Sentiment Support at $95K Bitcoin’s pullback to $95,000 comes as traders consolidate gains from its recent rally toward $100,000. The level is seen as a critical support zone before any further upward movement. Cycle Psychology As the market moves closer to its predicted peak, volatility is expected to increase. Seasoned investors are monitoring metrics like realized cap and supply in profit to gauge sentiment. Conclusion: A Promising but Volatile Path Ahead While Bitcoin’s retrace to $95K signals a temporary slowdown, ARK Invest’s projections suggest a bullish year-end finish. With potential highs of $124,000 in 2024 and long-term targets of $1.5 million by 2030 , Bitcoin remains a pivotal asset in the digital economy. Key factors such as U.S. monetary policy, regulatory clarity, and strategic adoption will determine its trajectory. Investors should remain mindful of cycle-driven corrections while keeping an eye on long-term opportunities. To explore more insights on Bitcoin’s market dynamics and future projections, check out our article on cryptocurrency investment strategies . Bitcoin World

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Big Claim: Ripple (XRP) Case Nears End, SEC May Withdraw Objection!

The SEC-Ripple case, one of the most important events in the cryptocurrency market, continues with the SEC`s objection. However, former Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, suggested that the SEC may decide to drop the ongoing case against Ripple. Fox Business correspondent Charles Gasparino shared that Giancarlo said that with Donald Trump coming to power, the new SEC will reconsider its legal action against Ripple and may withdraw its objection. Charles Gasparino added in his X post that he believes that Donald Trump’s election as US President is a game-changer for XRP. “I think the game changer for XRP is Donald Trump being elected president. Former CFTC Chairman Chris Giancarlo believes the new SEC will drop the appeal of the part of the Ripple case that it lost, as he told me on Fox Business. My view is that it makes a lot of sense.” Apart from former CFTC chairman Christopher Giancarlo, pro-XRP lawyers Bill Morgan, Fred Rispoli, and Jeremy Hogan also claimed that the Ripple lawsuit objections would likely be rejected or withdrawn. “The primary reason to continue a nearly hopeless objection is political, and that reason will largely disappear when Gary Gensler resigns on January 20, 2025,” Bill Morgan wrote in his post. As is known, the court ruled that Ripple’s institutional XRP sales were considered securities, while XRP sales made on exchanges were not, upholding a previous summary judgment issued in July. The court also declared that XRP did not meet the definition of a security. The SEC filed an appeal to overturn the court’s decision, stating that it did not agree with it. https://twitter.com/CGasparino/status/1862177479227519037 *This is not investment advice. Continue Reading: Big Claim: Ripple (XRP) Case Nears End, SEC May Withdraw Objection! Bitcoin World