ARK Invest maintains a bullish outlook on Bitcoin as its price approaches a near all-time high of $111,814. The firm identifies several favorable indicators, including aggregate unrealized profits, increased Bitcoin ETF inflows, and elevated support levels. Currently, Bitcoin's aggregate unrealized profits are just one standard deviation above the mean, indicating that the market has not yet entered a state of irrational exuberance. In contrast to declining gold ETF flows, Bitcoin exchange-traded products have surged by over 120%. Furthermore, key support levels have risen between $94,000 and $97,000. Despite these positive indicators, ARK's report notes declining transaction volumes and a low level of new commits to Bitcoin's core development as potential bearish signals. The report also highlights macroeconomic conditions that may impact the market, including rising home seller rates. Historically, Cathie Wood has made bold predictions, suggesting Bitcoin could hit $1 million by 2024 and $2.4 million by 2030, based on active supply modeling. This price prediction exemplifies ARK's long-term bullish stance on Bitcoin.

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