Bitcoin is currently trading close to the $60k level, but it is expected to surge higher over the coming months and years.
The CEO of Ark Invest, Cathie Wood, has predicted that Bitcoin will trade above the $500k level over the next five years. She made this prediction despite Bitcoin currently trading below the $60k mark at the time of writing.
Ark Invest is one of the hedge funds that are bullish on cryptocurrencies. The hedge fund has invested in numerous cryptocurrency funds, including the Grayscale Bitcoin Trust (GBTC) and some Bitcoin exchange-traded funds (ETFs).
Ark Invest has also filed with the United States Securities and Exchange Commission (SEC) to list a Bitcoin ETF on the stock exchange. However, the US SEC is yet to approve its Bitcoin ETF proposal.
Bitcoin has underperformed in recent weeks after reaching a $69k new all-time high earlier this month. However, despite dropping by more than 15% in recent weeks, numerous analysts and market experts believe Bitcoin would cross the $100k level before the end of the year or early next year.
Cathie predicted that if institutional investors invest 5% of their portfolios in BTC, the cryptocurrency can reach up to 560,000 dollars by 2026. Bitcoin’s rally this year has pushed the total cryptocurrency market cap past the $3 trillion mark.
The cryptocurrency market is expected to grow bigger over the next few years, and that would see Bitcoin and other coins experience an increase in value. Ether remains the second-largest cryptocurrency by market cap and is expected to grow bigger in the coming years.
Other altcoins that are expected to record massive growth include Solana, Cardano, Polkadot, Avalanche, Terra, and several others. The cryptocurrency market has started to recover following last week’s massive dip. At press time, Bitcoin is currently trading above the $56k level and could rally higher over the coming hours.