Cathie Wood, CEO of Ark Invest, maintained a price target of $1.5 million for Bitcoin (BTC) by 2030, stating that the cryptocurrency is still in a bull market. Despite the recent price fluctuations of Bitcoin and some analysts calling for a bear market, Cathie Wood, CEO of Ark Invest, continued to express positive views about the future of the cryptocurrency. In an interview with Bloomberg, Wood stated that the market is still in a bull cycle and said, “Bitcoin is in the middle of its four-year cycle. We still believe we are in a bull market, and the U.S. getting out of regulatory uncertainty is critical for institutional investors to transition to this new asset class.” Wood announced that she maintained a price target of $1.5 million for Bitcoin by 2030. Wood’s assessments are consistent with other bullish projections in the market. Matt Hougan, CIO of Bitwise, suggested that if current macro uncertainties decrease, Bitcoin could surpass the $200,000 level by the end of the year. These predictions are supported by widely used valuation models such as the MVRV-Z score, which is currently at 1.5, close to last year’s local bottom levels. On the other hand, peak levels in past cycles have often exceeded the 6 level. If historical trends repeat, it is seen that there is still a wide room for growth in BTC price. ENTRY WAVES IN SPOT BITCOIN ETFs While mixed opinions about the current outlook of Bitcoin continue, Ki Young Ju, CEO of CryptoQuant, presented a different view. Ju argued that the bull market could end in the next 6 to 12 months, claiming that there is not enough ETF flow and trading volume to push BTC above $100,000. However, the recent trend of outflows in Bitcoin spot ETF products reversed in the last three days. On March 17, there was an inflow of $274.5 million, while on March 18, demand of $209 million was seen. The data indicates a possible change in market dynamics. UNCERTAINTY PERSISTS FOR SHORT-TERM BITCOIN The uncertainty about whether Bitcoin’s recovery process will continue in the short term persists. Although renewed ETF demand is seen as a significant factor that could support the BTC price, the most crucial factor that will shape the long-term direction will be macroeconomic developments and the Fed’s interest rate policies.