bitcoin continues its march towards a new all-time high after reaching bitcoin” target=”_blank” rel=”noopener nofollow”>$79,645 todayNovember 10. The cryptoasset'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 reduced by 25 basis points, many market analysts are looking forward to bitcoin's continued rally, at least in the near term.
Jan Van Eck, CEO of VanEck, is one of the prominent analysts betting on the rise of major crypto assets. According to Van Eck, bitcoin-etf-beats-gold-vaneck-btc-price-target/” target=”_blank” rel=”noopener nofollow”>bitcoin will exceed $300,000which is a reasonable estimate. Furthermore, Van Eck and other market experts have shared the same sentiments, and Fundtrat's CIO expects btc to trade above $100,000 before the end of the year.
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It should be $300,000 per twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin already, if it weren't for the number of twitter.com/hashtag/shorts?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bermudas and twitter.com/hashtag/futures?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#futures it would already be there. While it could reach that figure in December 2024, definitely $100,000 by then, probably more than $300,000 by April 2025, $1.5 by 2030, and well over $2.9 by 2050, say $5! millions! https://t.co/2El2pHtn1K
– Cbemerine (@cbemerine) twitter.com/cbemerine/status/1848337773968736442?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>October 21, 2024
Van Eck: $300,000 is a 'reasonable assumption'
The continued rise of bitcoin, coupled with the results of the US presidential election, has captured the attention of market analysts. Last Friday, CNBC invited Van Eck's CEO to highlight the performance of the leading digital asset and project its next price movement. Van Eck speculates that the btc price will eventually surpass $30,000.
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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 current market conditions. Van Eck further predicted that bitcoin is the digital gold and will soon reach half of the total gold 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 surpasses its target.
bitcoin: Market performance driven by increased investor demand
In the same CNBC interview, Van Eck shared that bitcoin's recent run is driven in part by individual and institutional demand for ETFs. He cited Thursday's market volume for bitcoin ETFs, which has an inflow of $1.37 billion.
Then there is the recent victory of Republican Donald Trump. Trump was seen as friendlier to cryptocurrencies and blockchain technology and has 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 cryptocurrency, particularly Ether and Coinbase's COIN. Van Eck mentioned that these two are great alternatives, with Ether being a better option. He added that stablecoins would soon dominate the global payments system and that the ethereum blockchain would benefit from this trend.
Featured image of Dall-E, TradingView chart
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