Investment management firm VanEck has predicted crypto trends for 2024 and offered insight into potential economic and technological developments that could shape the industry in the new year.
Analysts at VanEck have predicted that Bitcoin could beat its previous record price in 2024. They have also anticipated a US recession and the launch of the first spot Bitcoin ETF.
Bitcoin To Break Previous Record?
VanEck’s research has indicated that the US economy could slip into a recession during the first half of 2024. To support its arguments, the research has pointed to several indicators, such as slowing economic momentum, softening employment, and rising bankruptcy filings. Bitcoin and gold had suffered considerable fluctuations during the previous recessions. However, analysts expect Bitcoin to remain far more resilient this time around. VanEck also speculated that the price of Bitcoin will reach an all-time high in the fourth quarter of 2024.
According to analysts at VanEck, the Bitcoin price will reach a new all-time high on the 9th of November, 2024. This is exactly three years after the cryptocurrency set its previous all-time high. If VanEck’s prediction is current, we will see Bitcoin surge by over 150% from its current price to over $69,000. This bullish outlook is based on a precedent established by previous bullish cycles when the cryptocurrency made dramatic gains in the months after its halving event.
VanEck also speculated that if Donald Trump returns to the White House as the next president of the US, it could end the United States Securities and Exchange Commission’s hostility towards the crypto industry, further boosting the price of Bitcoin. Some analysts have been extremely optimistic with their predictions and have stated that Bitcoin could even cross the $100,000 mark by December 2024. Interestingly, apart from VanEck, several Wall Street firms are also predicting Bitcoin could cross $100,000.
Hype Around ETFs
The anticipation around ETFs is also expected to grow considerably during the new year. Fidelity’s spot Bitcoin ETF has been listed on the DTCC website as FBTC. However, a spokesperson for the DTCC clarified that a listing on the DTCC website does not signal any pending regulatory issues. Companies such as Fidelity and BlackRock listing their spot Bitcoin ETFs on the DTCC website indicate that negotiations regarding the ETFs are positive, and we could see a spot Bitcoin ETF be approved in 2024. A spot Bitcoin ETF could significantly boost trust in Bitcoin.
Other Predictions
VanEck also predicted that it expects the Bitcoin halving to take place smoothly, with the price settling above the $48,000 mark after a prolonged adjustment period. It also stated that Ethereum’s market dominance will persist as layer-2 solutions continue to gain prominence. It also forecasted that the NFT market will rebound, Solana will outperform Ethereum, a stablecoin market surge, a shift in the DeFi ecosystem with the adoption of KYC regulations, and potential changes in decentralized exchanges.
VanEck Submits Fifth Amendment To S-1 Form
VanEck has also submitted its fifth and latest amendment to the S-1 form with the United States Securities and Exchange Commission regarding its forthcoming spot Bitcoin ETF, which is set to be listed under the name HODL. The development highlights VanEck’s efforts to launch the ETF.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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