Ark Invest Sets $2.3 Million Bitcoin Price Target for 2024, Calls for Increased Institutional Investment
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Cathie Wood's Ark Invest has a $2.3 million price target for Bitcoin by 2024, a 4,500% increase from current levels, if institutional investment reaches an "optimal" level.
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Ark believes Bitcoin should comprise 4.8% of investment portfolios on average to maximize risk-adjusted returns; this would imply a $550,000 price target.
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New spot Bitcoin ETFs like Ark's own make it easier for institutional investors to gain exposure, a potential catalyst.
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Bitcoin's current rise above Ark's "on-chain market mean" signals the early stage of a new bull market historically.
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The upcoming Bitcoin "halving" in April, which will slow supply inflation, has coincided with start of bull markets in the past.