On April 25, Ark Invest, a Cathie Wood-owned subsidiary, raised its bull market price forecast for Bitcoin to $2.4 million from the previous $1.5 million (targeted in 2030), a adjustment based on its latest adoption model, The Block reported.

In a report released Thursday, Ark Invest analyst David Puell said the agency initially predicted the price of about $1.5 million in the 2030 Bitcoin bull market. However, the forecast was raised to $2.4 million after adopting Ark's latest experimental model. The model takes into account the circulating supply of Bitcoin in the calculation, i.e., the lost or long-term holding of Bitcoin is eliminated.

The report notes that this bull market price forecast is based on Bitcoin’s compound annual growth rate (CAGR) from the end of 2024 to the end of 2030. Meanwhile, using this more “radical” experimental model (more aggressive than Ark’s official model), the report predicts Bitcoin’s price in the benchmark scenario at $1.2 million (53% CAGR) and $500,000 (32% CAGR) in the bear scenario.