Bitcoin Could Reach $53 Million by 2050, VanEck Forecasts

• VanEck’s bull case predicts Bitcoin could reach $53 million by 2050 if it becomes a global trade settlement currency.
• Bitcoin faces resistance at $94,000, indicating a potential market distribution phase and weakening short-term price structure.
• Currently, the point of control is shifted to below the price of $94,000, which implies that the next potential support zone of Bitcoin is the price of $80,000.

The potential of Bitcoin is still bright, and in the most recent report by VanEck, it is indicated that the cryptocurrency can potentially skyrocket to a high of $53 million by 2050. This prediction is conditional upon the postulation that Bitcoin is going to become a settlement currency of global trade. Although these are positive long-term predictions, the digital asset remains a victim of its price performance in the short term, particularly after several rejections along the way at the levels of $94,000 and above.

The asset manager, VanEck, has set out three potential scenarios of the price movement of Bitcoin. In the bull version, Bitcoin will exceed gold as a world reserve currency and eventually own close to 30% of the funds in the world, which will make its price reach 53 million dollars by 2050. The base case scenario projects a less severe increase to 2.9 million, whereas the bear case projects a price of 130,000. 

Challenges Amidst Optimism

Even though VanEck made a radical forecast, the near-term price dynamics of Bitcoin speak in a less optimistic tone. The digital asset appears to be stalled in a larger consolidation phase after a number of unsuccessful attempts to get through the resistance level of $94,000. According to the market structure, the sellers are controlling the higher part of the range, which has not allowed Bitcoin to experience significant gains in its price. This has resulted in a stalling price movement whereby Bitcoin now has a lower price below the Point of Control (POC), which is one of the most important levels of market equilibrium.

Source: TradingView

The inability to sustain above the $94,000 region signals that the market remains in a distribution phase. Distribution typically occurs when price fails to move higher due to a lack of buying volume, and Bitcoin’s recent price behavior supports this view. Sellers have consistently absorbed demand at higher price levels, indicating that larger market participants may be distributing their positions. The price action has led to a decline below the POC, reinforcing the notion that short-term control has shifted to sellers.

Outlook for Bitcoin’s Price Movement

With Bitcoin now trading below the POC, the probability of further downside remains high. The next critical support level lies around $80,000, which has historically acted as a major area of interest for buyers. A move towards this level would not signal a breakdown, but rather a continuation of the range-bound price action that has dominated Bitcoin’s recent price movements.