Investment management firm VanEck forecasts a significant inflow of over $2.4 billion into Bitcoin exchange-traded funds (ETFs) in the first quarter of 2024.
This prediction comes amidst the backdrop of the anticipated launch of the first spot Bitcoin ETFs, setting the stage for a potentially transformative period in the cryptocurrency market.
This sentiment is driven by the need for 'hard money' assets, which cannot be easily influenced or cancelled by U.S. authorities.
In this climate, Bitcoin's resilience and its limited correlation with traditional financial markets position it as an attractive investment.
Will Bitcoin hit $100,000?
Despite expectations of significant volatility, analysts remain confident that the Bitcoin price will maintain a strong position. They believe that it is unlikely to dip below $30,000 in the first quarter of 2024.
The report predicts that the upcoming Bitcoin halving in April 2024 will proceed smoothly, with subsequent growth in the Bitcoin price.
The Bitcoin price is predicted to reach an all-time high in late 2024, coinciding with significant global political changes and the anniversary of its previous peaks. This could potentially lead to Satoshi Nakamoto being named Time Magazine's "Man of the Year" if it hits $100k.