The CEO of Vaneck a $115 billion asset manager said Bitcoin will continue its bullish momentum next year, targeting another uptick to between $150,000 and $170,000
Bitcoin has performed outstandingly in 2024, recording an impressive 124.4% uptrend since this year. Notably, the digital asset’s hefty upsides trounce those of major traditional assets like gold and US stocks.
Meanwhile, a notable market expert has inferred that Bitcoin will continue its impressive run next year. In a recent statement, Jan Van Eck, Vaneck’s chief executive officer, stated that Bitcoin will put in another remarkable performance in 2025.
Bitcoin to $170,000 per Coin
The CEO of the $115 billion asset manager said Bitcoin will continue its bullish momentum next year, targeting another uptick to between $150,000 and $170,000. Furthermore, Van Eck urged market participants to buy Bitcoin and gold as a hedge against fiscal uncertainties.
Meanwhile, his assertions nearly correlate with VanEck’s official Bitcoin forecast for 2025. Last week, the US Bitcoin spot ETF issuer predicted that Bitcoin would hit $180,000 while Ethereum would be worth $6,000.
Bitcoin Drops to $98,000 despite Positive Prediction
Bitcoin the flagship crypto asset dropped to $95,000 yesterday following Data coming from the FOMC on Fed rate cuts. The flagship crypto asset hit its new all time high of $108,372 three days ago but dumped to $95,000 in the 72 hours.
- At the time of the report, Bitcoin has corrected to $98,300 surging by 3.8% in the last 24 hours.
- VanEck CEO’s prediction aligns with an earlier prediction of Bitcoin crossing the $100,000 mark before the end of the year.
- The prediction was made by analysts in November during the Bull run but the crypto asset failed to breach the psychological barrier that month.
The long-awaited event occurred in the first week of December with Bitcoin breaching the $100,000 mark to $103,000. The asset surged to $108,000 before slumping to $95,000 three days ago.
Bitcoin price Analysis
Bitcoin is currently exchanging hands for $98,518 surging by 3.8% in the last 24 hours. The crypto asset has dipped by 8.9% from its all-time high with a maximum price of $99,496 and a minimum price of $92,495.
What to Know
- Bitcoin Exchange Traded funds recorded massive outflows on Thursday losing $617 million in just 24 hours. Blackrock’s IBIT the largest Bitcoin ETF by market capitalization recorded no inflows for the day.
- Exchange Traded Funds creates an opportunity for institutional investors to invest in cryptocurrencies without actually owning them. Bitcoin and Ethereum ETFs are the only available Exchange Traded Funds at the moment.
- There are speculations of a Solana and XRP Exchange Traded Funds in the horizon as both crypto assets are the next in line according to the list of top crypto assets by market capitalization.
[Nairametrics]