Ark Invest raises Bitcoin's bull market target price to $2.4 million by 2030, based on a more aggressive model forecast

 as reported by The Block, Cathie Wood's Ark Invest has raised its bullish price prediction for Bitcoin from $1.5 million to $2.4 million (target year 2030), based on its latest adopted model.

In a report released on Thursday, Ark Invest analyst David Puell stated that the institution's initial price prediction for Bitcoin in a bull market in 2030 was around $1.5 million. However, after adopting Ark's latest experimental model, this prediction was raised to $2.4 million. The model takes into account the circulating supply of Bitcoin, excluding lost or long-term held Bitcoin.

The report notes that this bullish price prediction is based on an estimated 72% compound annual growth rate (CAGR) for Bitcoin from the end of 2024 to the end of 2030. Meanwhile, using this more "aggressive" experimental model (compared to Ark's official model), the report predicts a price of $1.2 million for Bitcoin in a baseline scenario (CAGR 53%) and a price of $500,000 in a bear market scenario (CAGR 32%).