Bitcoin continues its march towards a new all-time high after reaching $79,645 today, November 10. The crypto asset’s latest strong performance is supported by on-chain data, suggesting growing demand from US-based traders in recent weeks. And with the US Federal Reserve rate cut by 25 basis points, many market analysts are looking forward to Bitcoin’s continued rally, at least in the short term.
Jan Van Eck, CEO of VanEck, is one of the leading analysts betting on the rise of major crypto assets. According to Van Eck, Bitcoin will surpass $300,000, which is a reasonable estimate. Additionally, Van Eck and other market experts share the same sentiments, with Fundtrat’s CIO expecting BTC to trade above $100,000 before the end of the year.
Should be at $300,000 per #Bitcoin already, if not for the number of #shorts And #futures it would already be there. Although it could reach that amount by December 2024, certainly $100,000 by then, probably over $300,000 by April 2025, $1.5 by 2030, so well over 2, $9 by 2050, say $5 million!
– Cbémérine (@cbemerine) October 21, 2024
Van Eck: $300,000, a “reasonable hypothesis”
The continued rise of Bitcoin, coupled with the results of the US presidential elections, has attracted the attention of market analysts. Last Friday, CNBC invited Van Eck CEO to highlight the performance of the leading digital asset and project its next price move. Van Eck speculates that the BTC price will eventually exceed $30,000.
BTCUSD trading at $79,730 on the daily chart: TradingView.com
When asked for an explanation, the CEO said his estimate was a “reasonable assumption” given current market conditions. Van Eck further predicted that Bitcoin is the digital gold of the industry and will soon reach half of the total market valuation of gold.
Interestingly, the CEO insisted that his price predictions were conservative and that other bullish analysts would offer a higher estimate for Bitcoin. He added that his estimate is just a base price and he would not be surprised if the crypto exceeds his target.
Bitcoin: Market performance driven by increased investor demand
In the same CNBC interview, Van Eck said the recent Bitcoin run was partly fueled by individual and institutional demand for ETFs. He cited Thursday’s market volume for Bitcoin ETFs, which saw an inflow of $1.37 billion.
Then there is the recent victory of Republican Donald Trump. Trump was seen as more supportive of cryptocurrency and blockchain technology and publicly shared his plans to make the United States the “Bitcoin capital of the world.”
Ethereum is a good buy, says Van Eck
In addition to Bitcoin, the VanEck CEO also discussed other alternatives to crypto, including Ether and COIN from Coinbase. Van Eck mentioned that both of these are great alternatives, with Ether being a better option. He added that stablecoins would soon dominate the global payment system and the Ethereum blockchain would benefit from this trend.
Featured image of Dall-E, chart by TradingView
