Bitcoin continues its march towards a new all-time high after the hit $79,645 todayNovember 10. The crypto asset’s latest strong performance is supported by on-chain data, indicating increasing demand from US-based traders in recent weeks. And now that the US Federal Reserve has cut rates 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 among the prominent analysts betting on the rise of major crypto assets. According to Van Eck Bitcoin will surpass $300,000which is a reasonable estimate. Furthermore, 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.
It should be $300,000 each #Bitcoin already, if not for the number #shorts And #future it would already be there. While that could happen in December 2024, certainly $100,000 by then, probably more than $300,000 in April 2025, $1.5 in 2030, so over $2.9 in 2050, say $5 million! https://t.co/2El2pHtn1K
— Cbemerine (@cbemerine) October 21, 2024
Van Eck: $300,000 A ‘reasonable assumption’
Bitcoin’s continued rise, coupled with the results of the US presidential election, has caught the attention of market analysts. Last Friday, CNBC invited the CEO of Van Eck to highlight the performance of the most important digital asset and predict the next price move. Van Eck speculates that the price of BTC will eventually rise above $30,000.
BTCUSD trading at $79,730 on the daily chart: TradingView.com
When asked for an explanation, the CEO shared that his estimate is a “reasonable assumption” given current market conditions. Van Eck further predicted that Bitcoin belongs to the industry digital gold and will soon reach half of the total market value of gold.
Interestingly, the CEO emphasized that his price forecast is conservative and that other bullish analysts would offer a higher estimate for Bitcoin. He added that his estimate is just a base price, and that he wouldn’t be surprised if the crypto exceeds its target.
Bitcoin: Market Performance Driven by Increased Investor Demand
In the same CNBC interview, Van Eck said the recent Bitcoin run is partly driven by individual and institutional demand for ETFs. He mentioned Thursday’s market volume for Bitcoin ETFs, which saw inflows of $1.37 billion.
Then there is the recent victory of Republican Donald Trump. Trump has been seen as friendlier to cryptocurrency and blockchain technology and has publicly shared his plans to make the US the ‘Bitcoin Capital’ of the world.
Ethereum A good buy, says Van Eck
In addition to Bitcoin, VanEck’s CEO also discussed other alternatives to the crypto, specifically Ether and Coinbase’s COIN. Van Eck said these two 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 from TradingView