VanEck: Bitcoin Has Established a Bullish Structure
VanEck representative manager is very bullish, even stating that Bitcoin (BTC) potential could reach around $2.9 million/1 BTC in 2050.
Specifically, Matthew Sigel, head of digital asset research at VanEck, shared with CNBC on October 28, 2024 that BTC is creating an extremely beautiful setup ahead of the US presidential election.
“We saw a similar structure in 2020: BTC was fairly quiet before moving with strong volume right after the announcement of the president-elect.”
As of early morning today, October 29, 2024, BTC closed near the $70K area, surpassing the stubborn resistance at $69K. This reflects the potential for continued price increases until the election.
BTC has more than doubled in price over the past year and it seems that the recent positive price action is in sync with Donald Trump's winning percentage on betting sites like Polymarket or Kalshi.
As of October 28, Trump's winning percentage on these sites has increased to around 62 - 66%. The correlation is quite understandable because Trump has repeatedly affirmed to turn the United States into the Crypto capital. In contrast, his opponent, Kamala Harris, has remained silent and her views are unclear.
In addition, hedge fund expert Paul Tudor Jones said that no matter who wins, rising inflation will benefit BTC. This means that there will be money flowing into risky markets, not into safe financial products.
Finally, VanEck predicts that BTC could reach $2.9 million by 2050 due to the huge demand for the asset, according to a report dated July 24, 2024.
Once BTC is considered a reserve asset and held by central banks and used in global commerce, we will see the crazy prices above.
