The CEO of VanEck, Jan van Eck, has predicted that the price of Bitcoin will rally to $350,000, and hit a market capitalization that is half that of gold.
While speaking in an interview with Fox Business, the executive said that “Bitcoin is growing up, and will eventually be half the total market cap of gold.” For Bitcoin to hit this price, the executive noted that its value needed to increase by over five times.
Bitcoin was trading at $64,383 as of 03:33 a.m. after a slight 0.1% drop in 24 hours.
Bitcoin Poised For A Rally Towards $350,000 – VanEck
VanEck believes that one of the factors that will drive Bitcoin’s rally is the adoption of the coin by some of the largest central banks globally. Once BTC becomes part of the monetary system, its value will skyrocket and be “in the millions” according to the executive.
In his blue sky scenario, VanEck’s CEO noted that if Bitcoin gains mainstream adoption, the price will likely hit $2.9 million by 2050 based on existing models.
VanEck also mentioned that Bitcoin’s rate of adoption mimicked that of gold. He stated that while it was essential to have a well-diversified portfolio, Bitcoin price was still poised to rise and possibly break fresh records.
While speaking during the Bitcoin 2024 conference held in late July, the executive noted that more than 30% of his personal portfolio was in Bitcoin.
VanEck is among the asset managers that offer spot Bitcoin exchange-traded funds (ETFs). The VanEck Bitcoin Trust (HODL) has amassed $706 million in net assets according to SoSoValue data. The ETF has had a cumulative net inflow of $598 million.
VanEck also has $57 million in net assets for its recently launched spot Ethereum ETF. It also became the first US asset manager to file for a spot Solana ETF.
Bitcoin Price Analysis
Bitcoin price has been rejected at a key resistance level severally on the four-hour chart. BTC has been trading within a range of between $63,760 and $64,582, with a breakout below or above these prices set to ignite a more decisive price movement.
BTC faced rejection severally at a key resistance level of $64,582 on the 4-hour chart. This resistance level is holding firm, and the Relative Strength Index (RSI) has dropped concurrently as the price was rejected at this level.
The Moving Average Convergence Divergence (MACD) line has also crossed above the signal line, confirming a positive trend. Bitcoin has also formed an ascending pattern, signaling a surge in buying activity.
If BTC breaks past the immediate resistance at $64,334 and sustains the positive trend, the next price to watch out for is $64,582, which will confirm the bullish thesis. At this point, Bitcoin will head toward a major correction upwards.
