Bitcoin May Have Finally Hit Bottom, Experts Say
Bitcoin has always been known for its cyclical nature, trading in four-year cycles of boom and bust. After hitting its all-time high of $126,000 last October, many investors are bearish on Bitcoin, with it currently down nearly 50%.
However, according to Coinbase Global CEO Brian Armstrong and top tech investor Cathie Wood of Ark Invest, the long-term investment case for Bitcoin remains intact. Both believe that Bitcoin may have finally hit a bottom at $60,000, which could signal the end of the current bearish phase.
The four-year cycle suggests that this bad year is likely coming to a close soon, and as early as this fall, Bitcoin may begin soaring upward again. Armstrong and Wood both think Bitcoin could hit a price target of $1 million or more by 2030.