Predicting Bitcoin’s Next All-Time High
According to asset management firm Vaneck, bitcoin is expected to reach an all-time high in the fourth quarter of next year. Vaneck has made this prediction as part of their 15 crypto predictions for 2024.
Vaneck believes that the global population’s participation in legislative and presidential elections, which is projected to be above 45% in 2024, will lead to high volatility and significant changes in the market. The firm also points out that the rejection of the anti-growth agenda of the Green lobby in the recent election has raised optimism that the SEC’s regulatory approach will be dismantled.
As a result, Vaneck predicts that bitcoin’s price will reach an all-time high on November 9th, exactly 3 years after its last peak, following the combative election that saw Donald Trump win 290 electoral votes and regain the presidency.
It is worth noting that bitcoin’s breakout in November 2020 also occurred exactly three years after its previous peak. On November 9, 2021, the price of bitcoin reached $68,892.03.
Satoshi Nakamoto as “Man of the Year”
If bitcoin reaches $100,000 by December next year, Vaneck speculates that Satoshi Nakamoto, the pseudonymous creator of bitcoin, could be named Time Magazine’s “Man of the Year.”
This prediction aligns with the sentiments expressed by former SEC official John Reed Stark, who suggested that a Republican-appointed SEC chair, if Trump were elected president, might decelerate the regulatory efforts concerning cryptocurrencies. The outcome of the election has the potential to significantly alter the crypto-regulatory landscape.
Hot Take: Optimism for Bitcoin’s Future
Vaneck’s prediction of bitcoin’s next all-time high and the potential recognition of Satoshi Nakamoto as “Man of the Year” showcases the growing optimism surrounding the cryptocurrency. With the expectation of high volatility and significant changes driven by global elections, combined with the potential shift in regulatory approach, the crypto market continues to intrigue investors and enthusiasts alike. Keep an eye on November 9th, as it could mark another milestone in bitcoin’s journey.
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