Bitcoin Set to Reach New All-Time High, Says VanEck
The fund manager VanEck predicts that Bitcoin (BTC) will reach a new all-time high in November of next year. VanEck believes that the optimism surrounding the regulatory approach of the SEC, following Donald Trump’s re-election, will contribute to this surge. They specifically point to November 9th, which marks three years since Bitcoin’s last all-time high. Additionally, VanEck anticipates that $2.4 billion will enter the cryptocurrency market through crypto ETFs in the first quarter of 2024, acting as a catalyst for BTC’s growth.
Binance Expected to Lose Top Crypto Exchange Title
VanEck also predicts that Binance, currently the largest crypto exchange by volume, will be dethroned next year. The fund manager cites Binance’s $4.3 billion settlement with the US Department of Justice as a significant factor in this shift, as it will face a 3-year compliance monitor. VanEck believes that Coinbase will benefit from Binance’s troubles and surpass $1 billion in daily volume. They also see OKX, Bybit, Coinbase, and Bitget emerging as potential competitors.
Bitcoin Halving and Price Expectations
VanEck downplays the impact of Bitcoin halving, stating that it will be a “non-event” with minimal drama. They predict a potential selloff after the halving as unprofitable miners may sell off their BTC holdings. However, VanEck expects Bitcoin to rise above $48,000 after this period. They also state that Bitcoin is unlikely to drop below $30,000 in the coming year. VanEck supports these predictions by referring to a completed head-and-shoulder pattern in April 2022.
Hot Take: VanEck Predictions Reflect Bullish Outlook
VanEck’s predictions paint a bullish picture for Bitcoin in 2024. They anticipate an all-time high, potential growth from crypto ETFs, and the likelihood of Binance losing its top spot. Despite the upcoming halving, VanEck expects Bitcoin’s price to surpass $48,000. These predictions come from a belief in a favorable regulatory environment and improved financial conditions among miners. Overall, VanEck’s forecasts suggest positive developments for Bitcoin in the next year.
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