VanEck Predicts Bitcoin’s Record-Breaking Prices in 2024
Investment management firm VanEck has released its predictions for the cryptocurrency industry in 2024. The research suggests that Bitcoin could surpass its previous record price during this year. Additionally, VanEck anticipates a US recession and the launch of the first spot Bitcoin ETF.
Bitcoin To Break Previous Record?
According to VanEck’s research, the US economy could experience a recession in the first half of 2024. The research points to indicators such as slowing economic momentum, softening employment, and rising bankruptcy filings. However, VanEck analysts believe that Bitcoin will remain resilient and reach an all-time high in the fourth quarter of 2024.
VanEck predicts that Bitcoin’s price will surge to over $69,000 on November 9, 2024, exceeding its previous all-time high. This bullish outlook is based on previous cycles where Bitcoin experienced significant gains after its halving event.
Furthermore, if Donald Trump returns to the White House as President, it could improve the relationship between the United States Securities and Exchange Commission and the crypto industry, potentially boosting Bitcoin’s price even further. Some analysts even speculate that Bitcoin could reach $100,000 by December 2024.
Hype Around ETFs
The anticipation around Exchange Traded Funds (ETFs) is also set to grow in 2024. Fidelity’s spot Bitcoin ETF, listed as FBTC on the DTCC website, indicates positive progress in negotiations for ETFs. VanEck suggests that a spot Bitcoin ETF could increase trust in Bitcoin.
Other Predictions
VanEck’s predictions also include a smooth Bitcoin halving with the price settling above $48,000 after a period of adjustment. It expects Ethereum’s market dominance to persist, the rebound of the NFT market, Solana outperforming Ethereum, a surge in the stablecoin market, potential changes in decentralized exchanges, and the adoption of KYC regulations in the DeFi ecosystem.
VanEck Takes Steps Towards Spot Bitcoin ETF
In addition to its predictions, VanEck has submitted its fifth amendment to the S-1 form with the United States Securities and Exchange Commission, furthering its efforts to launch a spot Bitcoin ETF named HODL.
Hot Take: Bitcoin’s Bright Future in 2024
VanEck’s predictions for 2024 paint a positive picture for Bitcoin’s future. With the possibility of surpassing its previous record price, the potential approval of a spot Bitcoin ETF, and various market developments, the year holds promise for the cryptocurrency. It will be interesting to see how these predictions unfold and how they shape the industry moving forward.
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