Bitcoin May Soar to $124,000 Before Year-End, According to ARK Invest

Bitcoin’s Bull Run Far From Over, ARK Invest Analyst Predicts $124K by Year-End

Bitcoin’s recent dip to $95,000 after nearing the $100,000 mark is just a temporary pause, according to David Puell, a research associate at ARK Invest. Speaking with CoinDesk, Puell said the leading cryptocurrency is on track to hit significant new highs before the year is out, marking the current phase as the “middle” of the ongoing bull market.

“We’re forecasting Bitcoin to reach $104,000 to $124,000 by year-end,” Puell stated, clarifying that while this isn’t financial advice, current price behavior aligns well with ARK’s expectations.

Cycles Still in Play

Puell’s analysis draws heavily on Bitcoin’s historical patterns, or “seasonality,” which reflect how the cryptocurrency has behaved in past bull markets. He explained that Bitcoin’s cyclical trends remain intact, supporting his projection for a market top between $126,000 and $134,000, assuming no major market disruptions.

“This is roughly 55% to 65% of the way through the bull market,” Puell said, adding that these targets could adjust upward if momentum accelerates.

Diminished Growth, Still Promising

One notable aspect of Puell’s outlook is the diminishing returns observed in Bitcoin’s price cycles. A potential peak of $134,000 would represent only a doubling from the 2021 high of $69,000, compared to a tripling during the previous cycle. Despite this, ARK Invest is prepared for such shifts as Bitcoin matures, though Puell noted that more data is needed to confirm the trend.

Big-Picture Outlook

Earlier this year, ARK Invest CEO Cathie Wood set long-term targets as high as $1 million to $1.5 million per Bitcoin by 2030, with a base scenario of $650,000. Puell emphasized that the near-term trajectory could depend heavily on macroeconomic factors, including Federal Reserve policies and the SEC’s stance on cryptocurrency.

He also highlighted the possibility of nations adopting Bitcoin as a strategic reserve asset, which he described as “transformational” for the market. “A strategic Bitcoin reserve isn’t just icing on the cake—it’s a game-changing addition altogether,” Puell remarked.

The Next Bear Market Looms

While bullish in the short term, Puell cautioned that Bitcoin’s cyclical nature makes another bear market inevitable. Historically, downturns have wiped out up to 70% of Bitcoin’s value from its all-time high. “The eventual floor will depend entirely on how high Bitcoin rises before the cycle ends,” Puell explained.

As Bitcoin eyes new milestones, ARK Invest’s projections offer a mix of optimism and realism, reflecting the cryptocurrency’s potential for both explosive growth and inevitable corrections in the years ahead.