Bitcoin BTC has rebounded this year, reigniting wild rumors of a secret soverign bitcoin bid and that Elon Musk could be poised to trigger a bitcoin price surge.
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The bitcoin price has rocketed over $40,000 per bitcoin in recent weeks, more than doubling from its price of under $20,000 per bitcoin late last year as traders brace for China and Federal Reserve to unleash trillions of dollars.
Now, with many predicting 2024 could be an even bigger year for bitcoin, analysts with investment manager VanEck have said they expect former U.S. president Donald Trump to retake the White House next year—helping the bitcoin price soar to $100,000 by December 2024 and giving it a market capitalization of around $2 trillion.
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“In the second half of 2024, bitcoin will climb a Presidential-sized wall of worry,” VanEck analysts Matthew Sigel and Patrick Bush wrote in a 2024 crypto and bitcoin prediction report.
“After a combative election that saw Donald Trump win 290 electoral votes and regain the presidency, raising optimism that the [Securities and Exchange Commission] SEC’s hostile regulatory approach will be dismantled, we think the bitcoin price will reach an all-time high on November 9, exactly three years to the day from its last all-time high.”
Bitcoin prices have been weighed down by the SEC’s aggressive stance toward bitcoin and crypto more broadly in recent years, with chair Gary Gensler accusing Coinbase and other major crypto exchanges of securities fraud.
Sigel and Bush pointed to historical bitcoin price data that showed bitcoin’s November 2020 breakout came “exactly three years to the day from its November 2017 top,” adding that if the bitcoin price “reaches $100,000 by December, we make a long-shot call that [mysterious bitcoin creator] Satoshi Nakamoto will be named” Time Magazine‘s person of the year.
Trump’s predicted victory, which alines with recent polls that put him ahead of president Joe Biden, comes along side what the VanEck analysts see as a global backlash against the “anti-growth agenda.”
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“The percentage of the global population voting in legislative and presidential elections will hit an all-time high above 45% in 2024,” Sigel and Bush wrote. “This high level of important elections augurs high volatility and the prospect of significant changes. More specifically, we see mounting evidence that voters and courts are rejecting the anti-growth agenda of the green lobby.”
Last month, Standard Chartered’s Geoff Kendrick predicted the bitcoin price is “on track” to hit $100,000 per bitcoin by the end of 2024, pointing to the expected approval of a number of Wall Street bitcoin spot exchange-traded funds (ETFs) in January.
“We think a number of spot ETFs will now be approved in Q1-2024 for both bitcoin and ethereum, paving the way for institutional investment,” Kendrick wrote in a note to clients. “Put simply, everything is working as expected. Bitcoin’s dominance remains intact—its share of overall digital assets market cap has increased to 50% from 45% in April.”
