- Live Bitcoin ETF may debut in Q1 2024.
- $14 billion influx projected within the first year.
- VanEck forecasts post-halving growth, setting an all-time high in Q4 2024.
In a bold move, renowned asset manager VanEck has unveiled a set of intriguing predictions for the cryptocurrency landscape in 2024, capturing the attention of enthusiasts and investors alike. The spotlight of their forecast shines brightly on Bitcoin and the eagerly awaited Exchange-Traded Fund (ETF), hinting at a promising shift in the crypto realm.
Prediction #3: #Bitcoin will make an all-time high in Q4 2024, potentially spurred by political events and regulatory shifts following a US presidential election.
— VanEck (@vaneck_us) December 7, 2023
The centerpiece of VanEck’s crystal ball revelation is the potential launch of a live spot Bitcoin ETF in the first quarter of 2024. This announcement has sparked a wave of enthusiasm within the crypto community, with many anticipating the ETF’s grand entrance onto the global stage.
VanEck’s projections indicate that the introduction of the Bitcoin ETF could usher in a substantial inflow of $2.4 billion into the crypto sphere within the initial quarter alone. Even more ambitious estimates from Galaxy Research suggest a staggering $14 billion influx within the first year. These forecasts are grounded in the extensive Asset Under Management of applicants, totaling an impressive $48.3 trillion, and their standing within the industry.
Beyond the ETF
VanEck’s foresight extends beyond Bitcoin’s ETF, offering insights into the broader Web3 ecosystem. Contrary to speculation among enthusiasts, the predictions dismiss the notion of Ethereum overtaking Bitcoin. Moreover, the crystal ball hints at a potential shift in the hierarchy of leading exchanges, suggesting Binance might see a slip from its top position in daily trading volume.
Secret SEC Meetings and Market Surge
The behind-the-scenes dialogues between the U.S. Securities and Exchange Commission (SEC) and key players like Grayscale, BlackRock, and ARK Invest are adding fuel to Bitcoin growth forecasts. Industry giants such as 21Shares, CoinShares, Bitwise, Grayscale, and ProShares have witnessed an impressive $346 million influx into crypto funds, marking the most significant surge since the bullish run of 2021.
Bitcoin’s Rollercoaster Ride
In tandem with the crypto fervor, Bitcoin itself is experiencing a surge, catapulting nearly 6% in the last 24 hours to reach $41,700.15. This upward trajectory is attributed to factors such as the imminent approval of the spot Bitcoin ETF and the Federal Reserve’s decision to pause interest rate hikes. However, a brief dip below $43,300, fueled by increased selling volume and subsequent liquidation of long positions, hints at short-term bearish pressure amid the token’s overall bullish long-term outlook.
VanEck’s predictions extend into the future, suggesting that the impending Bitcoin halving won’t stir significant market turbulence. Instead, a post-halving growth narrative is painted, envisioning Bitcoin reaching an all-time high in the fourth quarter of 2024. As these prophecies hang in the balance, the crypto world is abuzz with anticipation, eagerly awaiting the unfolding of events in this dynamic and ever-evolving landscape.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.