CandleFocus How Many Dollars Will Bitcoin Price Soar to by New Year’s Eve? Here is the Expert’s Prediction
2024-11-29
Author: Content Editor
According to ARK Invest, Bitcoin's recent drop from $100,000 to $95,000 is just a temporary pause before its value significantly increases. Research associate David Puell predicts price targets of $104,000 to $124,000 by the end of the year based on historical seasonality and on-chain data analysis. Puell believes that Bitcoin's cyclical nature will remain intact unless there is strong evidence to the contrary. He estimates a potential cycle top between $126,000 and $134,000, but these targets could increase if market momentum strengthens. However, Puell also acknowledges the theory of diminishing returns as Bitcoin matures, suggesting that a peak of $134,000 would only be a doubling of the 2021 all-time high compared to the three-fold increase seen in the previous cycle. ARK Invest is prepared for this scenario but admits that the data is inconclusive on whether this trend will continue.
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