• CEO of VanEck predicts Bitcoin reaching its all-time high of $69,000.
• Investment firm VanEck predicts that over $2.4 billion will flow into Bitcoin spot ETFs in Q1 2024.
• Bitcoin’s halving event in April 2024 expected to drive the cryptocurrency to new highs.

Jan Van Eck, the CEO of investment management firm VanEck, recently made bold predictions regarding Bitcoin’s future. According to him, the leading cryptocurrency will once again hit its all-time high (ATH) of $69,000. 

Van Eck’s Projection of Bitcoin at $69,000

In an interview with CNBC, Van Eck stated he anticipates a significant regulatory and market shift, foreseeing the Securities and Exchange Commission (SEC) approving multiple spot Bitcoin exchange-traded fund (ETF) applications. 

He stressed that this potential approval is a game-changer that could reshape the landscape of the cryptocurrency market. Van Eck believes that within the next 12 months, Bitcoin will exceed its late 2021 peak of $69,000 and achieve new all-time highs.

Accordingly, VanEck’s confidence in the long-term value of Bitcoin is underscored by the firm’s decision to rename its ETF proposal ticker to “HODL.” This move signals a steadfast belief in the enduring value of Bitcoin. 

When questioned about the possibility of another asset surpassing Bitcoin, Van Eck dismissed the idea, citing the strong macro foundation of Bitcoin. He highlighted factors such as falling interest rates and the upcoming Bitcoin Halving event as key drivers contributing to BTC’s outperformance in the coming year. 

Van Eck also noted the robust macrocycle behind Bitcoin and drew parallels with the SEC’s handling of Ethereum futures ETF approvals, suggesting that simultaneous approval for pending Bitcoin ETFs is likely.

A Bitcoin ETF is a financial instrument that enables investors to access exposure to Bitcoin through traditional stock exchanges rather than cryptocurrency exchanges. Functioning like an investment fund, the ETF tracks the price movements of Bitcoin, and investors can trade shares of the ETF on an exchange, mirroring the fluctuations in the value of Bitcoin.

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VanEck’s Prior Forecast

Before Vac Eck’s interview, his firm also made a prior prediction stating that over $2.4 billion is expected to flow into Bitcoin spot ETFs in Q1 2024. 

VanEck emphasizes Bitcoin’s appeal as ‘hard money’ amid investor interest in assets less influenced by US authorities. Despite projected market volatility, VanEck maintains confidence in Bitcoin’s resilience, forecasting its price to remain above $30,000 in early 2024. 

The report highlights the significance of the upcoming Bitcoin halving in April 2024 and envisions a potential new all-time high for Bitcoin by November 9, 2024, possibly reaching $100,000.

Moreover, VanEck’s predictions include the arrival of a US recession alongside the debut of spot Bitcoin ETFs, contributing significant funds to support Bitcoin’s price.

Van Eck’s Bullishness for Bitcoin

In the interview, Van Eck also emphasized his bullish stance on BTC, reflecting on his firm’s history as the first ETF player to propose a spot Bitcoin ETF in 2017, even though the application was rejected at the time.

Van Eck’s interest in Bitcoin dates back to when the cryptocurrency was trading at $3,000, and he foresaw its potential for a tenfold increase. Drawing parallels between Bitcoin’s growth and China’s economic evolution, he described Bitcoin as “the obvious asset that is growing in front of our eyes,” expressing confidence in its ability to achieve unprecedented heights.

Market Sentiment 

In addition to Van Eck, institutional investors are also currently exhibiting a bullish sentiment toward Bitcoin, including Morgan Stanley and Fidelity Investments

According to an article, Morgan Stanley suggests the end of the “crypto winter,” while a Fidelity Investments strategist coins Bitcoin as “exponential gold” in a new investment thesis. 

Moreover, the report noted that even hedge fund managers, who are traditionally cautious about crypto, are expressing newfound fascination with Bitcoin, exemplified by billionaire Stanley Druckenmiller’s recent acknowledgment of its allure in a Robinhood Fireside Chat.

April 2024 Halving

Another reason for a bullish 2024 is Bitcoin’s upcoming halving event, scheduled for April 2024, which is expected to propel the cryptocurrency to new highs, in line with the historical trend observed in previous halvings.

Reflecting on the past, George Tung of TheStreetCrypto highlighted the substantial price increases that have followed past halvings, citing examples from 2012, 2016, and 2020. The difficulty in predicting specific gains for the upcoming halving lies in the uncertain price leading up to the event, but Tung speculated on potential scenarios, ranging from $45,000 to even $100,000, depending on demand and market conditions.

To date, Bitcoin’s network has undergone three halvings. The initial reward for mining a block was 50 BTC, but this value has been reduced by half every 210,000 blocks. The current reward is 6.25 BTC, and it will continue to halve until block 84,000, when it will reach 3.125 BTC.

Read: Bitcoin Halving Explained: How It Influences BTC’s Price

Other 2024 Predictions

Recently, Matrixport Research expressed that it anticipates a bullish trajectory for Bitcoin in 2024, forecasting a rise to $63,140 by April and a further surge to $125,000 by the year’s end. The firm grounds its predictions in historical analysis, highlighting a three-year bull market trend, particularly emphasizing the positive momentum observed in 2023. 

In addition, the cryptocurrency exchange and trading platform Bitget also highlighted key factors that will influence the future of the Bitcoin market. These factors include the Federal Reserve’s decisions on interest rates and potential rate cuts, the approval of Bitcoin ETFs, the 2024 Bitcoin halving, and regulatory developments aimed at easing market access. 

This article is published on BitPinas: A Year after its ATH, Can Bitcoin Reach $69,000 in 2024?

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