Bitcoin will explode 5.900% and “smell pink” after beating the bears

Bitcoin bulls (BTC you can trade on Bitcoin Revolution) remain confident that the pioneering cryptocurrency will emerge strengthened from the lingering 2022 bear market. Cathie Wood, CEO of ARK Invest, revealed that she expects Bitcoin to emerge from the bear market “smelling like a rose.”

Will BTC hit $1 million in price by 2030?

The CEO of the investment firm made this statement in an interview with Bloomberg, responding to a question about whether he is still sticking to his earlier prediction that BTC would hit $1 million in price by 2030.

He stated that the current bear market is essential for the benchmark cryptocurrency. This is because the asset needs to be tested and go through crises to test investors' beliefs.

Sometimes you need to do a battle test, you need to go through a crisis to see the survivors first. But also to test the infrastructure and the thesis. Again, we think Bitcoin will come out smelling good, because of what I said earlier.

However, Wood admitted that the ascent to the highly optimistic goal will not be a walk in the park. He explained that the only thing that will delay the rise is perhaps a step back by the institutions to better understand the asset.

Wood predicts that institutions will return to investing heavily in first Bitcoin and then Ether (ETH) once they are satisfied with their understanding of crypto assets.

…The only thing that will be delayed is perhaps the step backwards of the institutions that say “ok, do we really understand this?”. Once they do their homework and see what happened here, I think they will be more comfortable transitioning to Bitcoin. And maybe even into Ether as a first stop.

Institutions continue to hold their own in the BTC market

To reach its forecast of $1 million per BTC, the price of the cryptocurrency would need to increase by around 5.900%. Meanwhile, BTC is trading at around $16.500, down 0,15% in the past 24 hours at the time of writing.

The current price also represents a 64,3% decline in value for BTC year-over-year as the market has been rocked by several market events such as the LUNA and UST crash, the global markets crash and, more recently, the bankruptcy of the FTX exchange.

Despite this, analysts like Cathie Wood have continued to reiterate that blockchain technology is going nowhere. Significantly, Wood's ARK Invest just reaffirmed this confidence by buying more shares of the largest Bitcoin fund GBTC. The asset manager bought another $1,5 million worth of GBTC stock just this week.