VanEck CEO Predicts When The Bitcoin Price Will Reach $69,000 Again

VanECK’s CEO, Jan van Eck, had so much to say about Bitcoin in a recent interview. One of the highlights was his prediction as to when the flagship cryptocurrency will once again hit its all-time high (ATH) of $69,000. 

When Bitcoin Will Hit $69,000 Again

In an interview with CNBC, Jan Van Eck stated that he expects Bitcoin to hit a new ATH in the next 12 months. That means that the crypto token could reclaim its current ATH of $69,000 and possibly surpass it based on Van Eck’s prediction. Interestingly, his firm predicts that Bitcoin could witness a new ATH by November 9, 2024. 

Throughout the interview, Jan Van Eck sounded so bullish on BTC. He highlighted how he had always been a firm believer in the crypto token. He also noted that his firm was the first ETF player to have filed to offer a Spot Bitcoin ETF back in 2017. The application was, however, rejected at the time.

Asset manager VanEck’s relatively early interest in Bitcoin seemed to have been driven by their CEO as he narrated how his interest in Bitcoin grew. Van Eck mentioned how he began to listen to podcasts and went as far as reading Bitcoin’s whitepaper. Back when the crypto token was trading at $3,000, he said he had predicted that it would still do a 10x from there.

VanEck’s CEO further stated that Bitcoin is “the obvious asset that is growing in front of our eyes.” He likened Bitcoin’s growth to China’s and how the country was underdeveloped years ago but now has one of the largest economies. Therefore, he suggested that BTC is still going to attain unprecedented heights.

Bitcoin price chart from Tradingview.com

Nothing Like BTC 

At some point in the interview, Van Eck was quizzed about whether or not there could be something else that surpasses Bitcoin, just like it did with Gold. He responded in the negative as he stated that it is almost impossible for him to imagine some other “Internet store of value” leapfrogging Bitcoin. 

Van Eck went on to note that the macro behind Bitcoin is very strong. He also alluded to the macrocycle, especially with interest rates expected to keep falling, and how this is bullish for the crypto token. He believes that this, alongside with the upcoming Bitcoin Halving event are the factors that will make BTC outperform in the coming year. 

Asset manager VanEck is one of the numerous asset managers who have applied to the SEC to offer a Spot Bitcoin ETF. With approval possibly on the horizon, the firm’s CEO believes that the Commission is likely to approve the pending funds simultaneously. His belief stems from the fact that the SEC did the same thing with the Ethereum futures ETF

Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details

Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial $10 handle, and currently trading at $9.93, following a weekly rise of more than 80%.

ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trade volume increased by 73% to $730 million.

Related Reading: Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?

Internet Computer, The Weekly Top Performer 

With six straight green candles in the daily time frame, Internet Computer distinguished itself as the biggest gainer of the week, defying the current market volatility.

Its price increased by around 120% from the low of $5.20 on December 12th to a new yearly high of $11.30. The price of the coin has broken through some significant resistances during this rise, giving buyers a chance to extend the rebound.

When it comes to blockchain technology, Internet Computer is among the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers require to create decentralized apps (dApps).

Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon, and Cardano. Users can use its infrastructure to create and host their applications.

ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. Because of this connection, its canister smart contracts are able to send, receive, and retain Bitcoin on the network. Stated differently, these canisters are functionally equivalent to other Bitcoin holders on the BTC network.

This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers. Additionally, it has ckBTC, which has a 1:1 Bitcoin backing.

Bollinger bands on the Internet Compter are shifting, indicating high levels of price volatility. In the overbought area, the Relative Strength Index (RSI) is above the average line, indicating bull dominance in the price of Internet computers.

Key Partnerships

Meanwhile, the team’s announcement of a collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs is among the most notable developments in light of the recent spike in the company’s valuation.

By teaming up with the Internet Computer Project’s South Korean affiliate, the two organizations would “Recreate Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP.”

There is no evidence of weakening in the price behavior and a strong likelihood of a rally with the notable increase in volume. In the event that the ICP price sustains itself above the $9.5 barrier, purchasers may pursue the next possible goals, which are $11.50 to $14.50.

The 50-day and 100-day moving averages are supporting ICP. According to some observers, the coin is about to form a bullish flag and then pick up speed again. It has already shaped this flag pattern’s pole. Internet Computer is probably going to test the weekend high of $11.90 if this occurs.

Featured image from Uropong/Getty Images

Bitcoin Price Drops Again – What Could Trigger A Fresh Increase?

Bitcoin price failed again to gather pace above the $43,500 resistance level. BTC started a fresh decline and might soon revisit the $40,000 support.

  • Bitcoin is moving lower below the $42,000 support zone.
  • The price is trading below $42,000 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could find strong buying interest near the $40,600 and $40,000 levels.

Bitcoin Price Declines Below $42K

Bitcoin price attempted more gains above the $43,000 level. However, BTC failed to clear the $43,500 resistance and formed another rejection pattern.

A high was formed near $43,421 and the price started a fresh decline. There was a move below the $42,200 and $42,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $40,605 swing low to the $43,421 high.

Bitcoin is now trading below $42,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $41,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $41,250 level. The first major resistance is forming near $41,800 and the trend line. A close above the $41,800 resistance might start a steady increase. The next key resistance could be near $42,250, above which BTC could rise toward the $42,800 level. A clear move above the $42,800 level could set the pace for a test of $43,500.

More Losses In BTC?

If Bitcoin fails to rise above the $41,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,600 level or the last swing low.

The next major support is near $40,000. It is close to the 1.236 Fib extension level of the upward move from the $40,605 swing low to the $43,421 high, below which the price might test the $39,500 zone. If there is a move below $39,500, there is a risk of more losses. In the stated case, the price could drop toward the $38,400 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 20 level.

Major Support Levels – $40,600, followed by $40,000.

Major Resistance Levels – $41,250, $41,800, and $42,250.

Analyst Rates Bitcoin As Most Promising Asset For 2024, Predicts Price Potential Of $120,000

Chief analyst of Singaporean exchange Bitget, Ryan Lee, has laid out some interesting Bitcoin price predictions for 2024. This forecast comes after BTC’s negative performance in the last week, where the maiden cryptocurrency declined by 4%, falling below the $42,000 price mark. 

Bitcoin To Trade At $120,000 In 2024 – Ryan Lee 

In an X post on December 17, crypto data platform Brave New Coin shared Ryan Lee’s projections for Bitcoin in the new year, which were presented in three phases. 

For the short term, Lee anticipates Bitcoin’s price to fluctuate between $32,000-$50,000 as determined by the outcome of the spot ETF approval saga in the US. Currently, many crypto enthusiasts are highly optimistic about the SEC finally granting a green light to the launch of a spot Bitcoin ETF, following multiple meetings between the regulator and several asset managers involved.

According to Bloomberg analyst James Seyfarrt, there is a 90% chance that this potential approval order will come between January 8th and January 10th, 2024, meaning Bitcoin’s price may be set for a major movement in the coming weeks.

In regards to the mid-term phase, Ryan Lee predicts Bitcoin prices to range between $38,000 – $75,000 based on the effects of the halving event, which is historically known to cause a rise in BTC prices. This is because the halving event causes a reduced rate of new Bitcoin minting, which leads to scarcity, in turn boosting the token’s demand and price.

In the long term, Bitget chief analyst projects Bitcoin to trade between $40,000 and $120,000 in 2024. He believes the major determinant in BTC price at this time would be US policy and regulations guiding the use of cryptocurrency.

At the time of writing, Bitcoin trades at $41,874.33, with a decline of 0.12% in the last hour. Meanwhile, the token’s daily trading volume is down by 16.99% and valued at $14.85 billion.

Bitcoin

Lee’s Take On The Altcoin Market

Alongside Bitcoin, Lee has also given some interesting predictions on the top tokens in the altcoin market for 2024. The Bitget executive expects Ethereum (ETH) could outperform BTC and trade between $3,000 and $3,500. By the end of 2024, Lee predicts ETH could attain a historic price point of $4900.

Meanwhile, the analyst expects XRP to trend in a similar fashion as BTC, hitting a price range of $1-$1.5 in 2024. In addition, Lee also projects that ADA could reach $1.2-$1.8 pending a significant growth of the Cardano ecosystem.

Bitwise Reveals Two Major Triggers That Will Send Bitcoin Price To $80,000

Bitwise, a crypto index fund manager, has forecasted a bullish price for Bitcoin that would take it past its current all-time high. Bitcoin is currently in a bullish sentiment, and the price has doubled this year. But according to this fund manager, this sentiment will continue into next year. In a recently released report, Bitwise predicted BTC will hit $80,000 in 2024, identifying two major catalysts that will send the crypto soaring.

Bitwise Predicts $80,000 Bitcoin

In its report, Bitwise laid out 10 things to look out for in the crypto industry in 2024, one of which included the crypto’s price trajectory. The world’s largest crypto has outperformed other asset classes in terms of price performance this year. Data shows Bitcoin is currently up more than 125% this year, and many analysts think this growth isn’t stopping soon. For comparison, the S&P 500 returned 21% this year.

In its first prediction, Bitwise predicted Bitcoin would trade above $80,000 in 2024, setting a new all-time high. A major catalyst for this growth is the highly anticipated launch of spot Bitcoin ETFs in the US. A spot ETF would allow mainstream investors to gain direct exposure to the coin through traditional investment companies. 

Bitcoin has mostly reacted positively to various news surrounding spot ETFs this year. The launch is poised to be the most successful ETF launch, with many analysts estimating that a spot ETF could push Bitcoin over $100,000 in its first year.

The other potential catalyst is the next bitcoin halving, one of the most anticipated events in the crypto industry. The next Bitcoin halving is set for April 2024, reducing mining rewards from its current 6.25 BTC to 3.175 BTC per block. According to Bitwise, at the current price of Bitcoin, the next halving will lead to a $6.2 billion reduction in new Bitcoins entering the market every year until another halving. 

The halving, coupled with the anticipated frenzy after spot Bitcoin ETFs are approved, is expected to significantly tip the balance between supply and demand. We could even see the price of Bitcoin surge as the halving approaches, as investors buy in hoping to get ahead of a price rally.

Other Predictions By Bitwise

Other predictions in the Bitwise report paint a picture of a prosperous year for the crypto industry in 2024, mainstream acceptance, and increased institutional interest. A particular bullish prediction is the growth of stablecoins, with Bitwise estimating more payments in stablecoins than Visa.

Other predictions include JP Morgan, the world’s largest bank, launching a tokenized fund using blockchain technology, Ethereum’s annual revenue doubling as transactions increase, and crypto becoming the native currency of the internet.

Featured image from Shutterstock

Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing

Jason Pizzino, a seasoned macro investor and swing trader, has recently put forward his analysis indicating a potential pullback for Bitcoin.

His observations, informed by a deep understanding of market dynamics, suggest that Bitcoin’s prolonged rally could soon give way to further correction.

Altcoins Set To Shine As Bitcoin Undergoes Correction

Pizzino’s analysis is grounded in a comprehensive review of various market indicators. The analyst has been closely monitoring the altcoin sector, noting an accumulation of upside potential which could lead to impactful market movements, especially with the upcoming Bitcoin halving in view.

This anticipation of a shift in market sentiment is further supported by his examination of the US Dollar Index Futures chart, which shows a downward trend and recent significant drops in a single trading day.

US dollar Index (DXY) price chart on TradingView

Pizzino interprets these movements as indicators of further downside, influenced by the general macroeconomic conditions.

While Bitcoin braces for potential setbacks, Pizzino’s analysis reveals a silver lining for the broader cryptocurrency market, particularly altcoins. His study of the Total3 chart, excluding Bitcoin and Ethereum, shows a latent potential for growth in the altcoin sector.

This observation aligns with the cyclic nature of the crypto market, characterized by alternating periods of fear and greed. According to Pizzino, the market is currently experiencing one of its lengthiest stretch of positive sentiment, a trend he expects to shift in alignment with historical market behaviors.

Bitcoin’s Strong Support Zone And Emerging Altcoin Focus

In parallel, another prominent crypto analyst, Ali Charts, has identified a critical support zone for Bitcoin. Between $37,150 and $38,360, a substantial number of Bitcoin transactions have occurred, with roughly 1.52 million addresses purchasing around 534,000 BTC.

This significant level of accumulation has established a strong foundation, potentially curtailing any further decline in Bitcoin’s value below that level.

Despite the correction, Bitcoin has shown resilience in its recovery from recent dips. Although the asset is still down by 2.7% over the past week and nearly 1% in the past 24 hours, it has managed to surpass the $42,000 mark after previously falling below $41,000 on Tuesday.

Bitcoin (BTC) price chart on TradingView

However, a noticeable decline in Bitcoin’s daily trading volume, from $30 billion earlier this week to $13.6 billion, hints at a shift in investor focus towards the altcoin market. This aligns with Pizzino’s prediction and could be the harbinger of a new phase in the crypto market, where altcoins demonstrate significant rally alongside Bitcoin.

Featured image from Unsplash, Chart from TradingView

Massive Bitcoin Options Expiry Imminent, BTC Inflows Spike

A recent report has revealed an upcoming significant event that will see the expiration of a notable amount of Bitcoin (BTC) and Ethereum (ETH) options contracts.

Bitcoin And Ethereum Options Contract Set To Expire

Global options trading service platform Greeks.live, took to X (formerly Twitter) to share data regarding the expiration of the crypto assets. 

According to the platform, about 37,000 BTC options with a notional value of $1.58 billion are set to expire. In addition, Bitcoin’s current put-call ratio stands at 1.02 with a “Maxpain” point of $42,000.

Meanwhile, for Ethereum, the data shows that about 268,000 options valued at $610 million are set to expire soon. In addition, the current put-call ratio for ETH stand at 0.66, with a “maxpain” point of $2,250. The post read:

Dec. 15 Options Data. 37,000 BTC options are about to expire with a Put Call Ratio of 1.02, a Maxpain point of $42,000, and a notional value of $1.58 billion. 268,000 ETH options are due to expire with a Put Call Ratio of 0.66, a Maxpain point of $2,250, and a notional value of $610 million.

Notably, the put-call ratio, to put it simply, contrasts the trading volume of put and call options. A ratio higher than 1 signifies a higher number of puts (sell) than calls (buy) options, implying a negative outlook among traders. 

Bitcoin

Furthermore, the price at which the highest number of options would expire worthless is known as the maximum pain (Maxpain) point. 

Greeks.live asserted that this week saw a decline in the market, with BTC dropping close to $40,000 at one point. As a result, many hedge their positions, which led to a greater proportion of Put than Call positions this week. The bulk of trading is still concentrated on Bitcoin options even with the decline.

The platform also highlighted that the Implied Volatility (IV) has remained quite flat for about a month now. In addition, significant option moves are still going on.

The Crypto Assets Set To See Substantial Inflow 

Cryptocurrency analyst Ali has recently revealed that billions of inflow are set to be poured into Bitcoin and Ethereum. The analyst shared this crucial information with the crypto community in an X post on Thursday, December 14.

Bitcoin

According to Ali, over $19.7 billion is about to flow into the two major players in the cryptocurrency market. He also added that this capital inflow is comparable to what we observed in December 2020.

The X post was accompanied by a chart showing a virtual explanation of a similar scenario. Ali further highlighted that after the scenario, the price of BTC moved from $18,000 to $65,000.

With billions of dollars flooding into the two major crypto, the market might be poised for further profits.

Bitcoin