VanEck predicts Bitcoin will hit a new all-time high on Nov. 9, 2024, based on its observed three-year price cycle.
The statement was released at the Digital Asset Summit 2024 as this forecast is notably marked on the third anniversary of its previous record peak of $69,000.
VanEck’s prediction seems grounded in a pattern observed within Bitcoin’s historical price movements. The fund manager highlights a peculiar cyclical trend, noting that Bitcoin’s previous significant surge in November 2020 also occurred precisely three years following its substantial peak in November 2017. This observation suggests a triennial cycle of significant price movements for Bitcoin (BTC).
Despite VanEck’s prediction, it’s important to remember that the cryptocurrency market is notoriously volatile and influenced by many factors like regulation, technology changes, and investor behavior. This makes any prediction, even from established entities, uncertain.
As November 2024 nears, Bitcoin’s performance will be closely monitored to see if it follows the predicted pattern or diverges.