We use cookies to enhance your browsing experience, serve personalised ads or content, and analyse our traffic. By clicking "Accept All", you consent to our use of cookies.
Customise Consent Preferences
We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Always Active
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
No cookies to display.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
No cookies to display.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
No cookies to display.
Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.
No cookies to display.
Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.
The crypto market is on the brink of a potentially game-changing shift, as investment management firm VanEck predicted. In a recent analysis, VanEck forecasts a substantial inflow of funds into Bitcoin spot exchange-traded funds (ETFs), expecting more than $2.4 billion to be injected in the first quarter of 2024 alone.
This bullish prediction aligns with the anticipated launch of the first Bitcoin spot ETF in the US, which could positively change the crypto landscape.
Bitcoin Bullish Forecast
This forecast emerges against a backdrop where investors are increasingly gravitating towards ‘hard money’ assets, those which remain largely unaffected by the whims of US authorities, as indicated by VanEck
In this context, Bitcoin emerges as a particularly appealing option due to its “resilience” and limited correlation with conventional financial markets.
Despite the expected market volatility, VanEck’s analysts maintain strong confidence in Bitcoin’s market stance, projecting that its price will unlikely fall below the $30,000 mark in early 2024.
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
VanEck’s report delves further into Bitcoin’s future, highlighting the significance of the upcoming Bitcoin halving in April 2024. This event is anticipated to “proceed without a major fork or missed blocks” catalyzing a surge in Bitcoin’s value.
Unsurprisingly, the firm predicts that November 9, 2024, could witness Bitcoin attaining a new all-time high three years after its last peak.
VanEck added that such a milestone could even see Bitcoin’s mysterious creator, Satoshi Nakamoto, being named Time Magazine’s “Man of the Year,” particularly if Bitcoin reaches the $100,000 threshold.
VanEck 15 Crypto Predictions for 2024
Prediction #1. The US recession will finally arrive, but so will the first spot #Bitcoin ETFs. Over $2.4B may flow into these ETFs in Q1 2024 to support Bitcoin’s price.
Ethereum And Solana’s Rising Tide: VanEck’s Perspective On Altcoin Market Dynamics
In contrast to Bitcoin’s expected dominance, VanEck casts a different light on Ethereum’s future. The firm anticipates that while Ethereum will not surpass Bitcoin in market cap in 2024, it is likely to outperform every major tech stock.
However, Ethereum is projected to face challenges from other smart contract platforms like Solana, which present fewer uncertainties regarding scalability. VanEck’s analysis suggests that while Ethereum will show strong performance, it will lose market share to these emerging platforms.
The report also touches upon geopolitical implications for Bitcoin. Countries like Argentina are expected to follow El Salvador’s lead by sponsoring state-level Bitcoin mining and leveraging their energy resources.
This trend, combined with Bitcoin’s regulatory clarity and energy intensity, is predicted to draw attention from quasi-state entities in Latin America, the Middle East, and Asia.
According to VanEck’s insights, the post-halving period will see a market rally led by Bitcoin, with value eventually flowing into smaller tokens.
Lastly, VanEck casts a spotlight on Solana, predicting its rise to become a top-three blockchain by market cap, Total Value Locked (TVL), and active users. This ascent is anticipated to fuel Solana’s entry into the spot ETF wars, with a surge of filings expected from asset managers.
Featured image from Unsplash, Chart from TradingView