Bitcoin continues its march to a new all-time high after hitting $79,645 today, November 10. The crypto asset’s latest strong performance is backed by on-chain data, suggesting an increasing demand from US-based traders in recent weeks. And with the US Federal Reserve’s rate reduced by 25 basis points, many market analysts are looking forward to Bitcoin’s continuous rally, at least in the short term.
Jan Van Eck, CEO of VanEck, is one of the prominent analysts betting on the top crypto asset’s rise. According to Van Eck, Bitcoin will top $300k, which is a reasonable estimate. In addition, Van Eck and other market experts have shared the same sentiments, with Fundtrat’s CIO expecting BTC to trade above $100k before the year ends.
Should be at $300,000 per #Bitcoin already, if not for the number of #shorts and #futures it would already be there. While it could hit that by December 2024, definitely $100K by then, probably over $300K by April 2025, $1.5 by 2030 so way over $2.9 by 2050, say $5 Million! https://t.co/2El2pHtn1K
— Cbemerine (@cbemerine) October 21, 2024
Van Eck: $300k A ‘Reasonable Assumption’
Bitcoin’s continuous rise, coupled with the results of the US presidential elections, has captured the attention of market analysts. Last Friday, CNBC invited Van Eck’s CEO to highlight the performance of the top digital asset and to project its next price move. Van Eck speculates that BTC’s price will ultimately top $30k.
BTCUSD trading at $79,730 on the daily chart: TradingView.com
When asked to explain, the CEO shared that his estimate is a “reasonable assumption” given the current market conditions. Van Eck further predicted that Bitcoin is the industry’s digital gold and will soon achieve half of gold’s total market valuation.
Interestingly, the CEO insisted that his price prediction 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 he wouldn’t be surprised if the crypto exceeds his target.
Bitcoin: Market Performance Driven By Increased Demand From Investors
In the same CNBC interview, Van Eck shared that the recent Bitcoin run is partly powered by individual and institutional demand for ETFs. He cited Thursday’s market volume for Bitcoin ETFs, which boasts an inflow of $1.37 billion.
Then, there’s Republican Donald Trump’s recent win. Trump was seen as more friendly to cryptocurrency and blockchain technology and has publicly shared his plans to make the US the world’s “Bitcoin capital.”
Ethereum A Good Buy, Says Van Eck
In addition to Bitcoin, the VanEck CEO also discussed other alternatives to the crypto, particularly Ether and Coinbase’s COIN. Van Eck mentioned that these two are great alternatives, with Ether as a better option. He added that stablecoins would soon dominate the world’s payment system, and the Ethereum blockchain would benefit from this trend.
Featured image from Dall-E, chart from TradingView
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