ARK Invest CEO Cathie Wood recently made a bold prediction that Bitcoin (BTC) will surpass the $1 million mark well before the previously anticipated year of 2030, which was the firm's initial bullish forecast. This revised price target comes as a result of the increasing institutional involvement and significant regulatory achievements, particularly the groundbreaking approval of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.

In an interview with the New Zealand Herald on March 7, Wood emphasized that the introduction of spot ETFs marked a pivotal moment, signaling a wider acceptance and integration of Bitcoin into the traditional financial system. The approval by the SEC and the subsequent record-breaking performance of these ETFs have accelerated the timeline for Bitcoin's value appreciation.

Wood pointed out that major financial institutions, such as Morgan Stanley, Merryl Lynch, or Bank of America, have not yet fully embraced Bitcoin, suggesting that the surge in Bitcoin's price is still on the horizon. She noted that the current price action has occurred before these platforms approve Bitcoin, indicating that the real growth potential is yet to be realized.

With the ongoing developments and the heightened interest in spot ETFs, ARK Invest now views the initial $1 million target by 2030 as too conservative. The company has adjusted its outlook to a significantly higher figure, driven by new expectations for institutional participation, which could potentially more than double Bitcoin's incremental price assumption.

Wood's prediction is rooted in the strong inflows into ETFs and the possibility of genuine price discovery if Bitcoin surpasses the $70,000 mark without encountering major technical issues. She believes that Bitcoin's recent price performance signifies the shifting tides of institutional waters, and she expects the flagship crypto to hit a market cap of $20 trillion over the coming years, which would bring its per token price to just under $1 million.

These comments come against the backdrop of Bitcoin's unprecedented surge to a new all-time high, occurring weeks before the anticipated halving event expected in late April. Despite facing immediate and violent corrections after briefly setting new all-time highs on March 5 and March 8, Bitcoin's price momentum remains strong, with another attempt to break the $70,000 barrier on March 10 falling short due to insufficient weekend trading volume.

As of press time, Bitcoin was trading at $69,400, with a strong demand zone below the $69,000 mark and extreme sell pressure above this range. The crypto community eagerly awaits the next chapter in Bitcoin's price discovery journey, with ARK Invest's revised prediction serving as a testament to the growing institutional acceptance and the potential for further upside in the coming years.