Crypto Market Today: Why Bitcoin Price Could Hit New Highs in 2024

The post Crypto Market Today: Why Bitcoin Price Could Hit New Highs in 2024 appeared first on Coinpedia Fintech News

Bitcoin’s price might take off when you least expect it. In a recent analysis by Altcoin Daily, Matthew Siegel from VanEck suggests that the current market conditions are ripe for a Bitcoin recovery. Despite its recent dip, VanEck is still a buyer, and Siegel believes that Bitcoin has the potential to make new all-time highs before the November election. 

But what’s driving Bitcoin’s price movements, and how should you position yourself in the market?

What’s Dragging Bitcoin Down?

Bitcoin has been underperforming compared to gold and other assets recently, and Siegel offers a few key reasons why. First, Bitcoin’s correlation with the NASDAQ is at a two-year high, which means it’s moving in tandem with the tech-heavy index. Second, there’s been a lot of forced selling in the market, including $2 billion worth of Bitcoin from the German government and the U.S. government’s sales of Silk Road-related coins. Plus, seasonal patterns and pre-election jitters are causing Bitcoin to struggle.

Election Buzz: Trump and Harris Make Crypto Moves

The upcoming U.S. election is adding fuel to the crypto fire. Kamala Harris, the Vice President and Democratic nominee, is reportedly supporting policies that could expand crypto innovation. Meanwhile, former President Trump is diving headfirst into the crypto world with plans to launch a new platform called “The Defiant Ones.” Both candidates’ stances could have significant implications for the crypto market, making this election one to watch closely.

AI and Bitcoin Miners: The Next Big Thing?

But it’s not just Bitcoin that’s catching the attention of savvy investors. Altcoin Daily highlights a growing opportunity for Bitcoin miners like Marathon Digital and Riot Platforms. These miners, which have been underperforming, are poised to play a major role in powering AI technology. With AI companies increasingly partnering with Bitcoin miners to power their GPU needs, this sector could see a huge boost. Siegel believes that as more miners announce AI-related deals, their stocks could double, making them a compelling buy.

Bitcoin and Ethereum ETFs: The Game Changers

Moreover, the introduction of Bitcoin and Ethereum ETFs has given a fresh start to the crypto space. Vance Spencer, co-founder of Framework Ventures, discusses how these ETFs have attracted significant institutional capital. Despite the down market, these ETFs have seen remarkable success, with the Bitcoin ETF becoming one of the best launches of all time. This influx of traditional finance into the crypto market is a bullish signal for the industry.

Is Now the Time to Buy?

The market might seem quiet right now, but that’s exactly when you should be paying attention. Altcoin Daily encourages viewers to double down on their education and consider taking positions if they believe in the future of the crypto space. With the potential for a major Bitcoin recovery, new AI-driven opportunities in mining, and the impact of crypto ETFs, now might be the perfect time to act.

Also Check Out: Ethereum vs. Bitcoin: Will ‘Digital Oil’ Outperform ‘Digital Gold’?