Bitcoin Surges Past $123K as Mining Stocks Rally; VanEck Predicts $644K BTC Target Amid Gold Momentum
Bitcoin shatters resistance levels as mining sector experiences unprecedented rally
The Digital Gold Rush Intensifies
Miners are celebrating as Bitcoin's price surge creates windfall profits across the sector. The cryptocurrency's relentless upward trajectory shows no signs of slowing, with institutional interest reaching fever pitch.VanEck's audacious $644,000 price prediction emerges just as traditional gold markets show renewed strength. The investment firm's analysis suggests Bitcoin could capture significant market share from precious metals while offering superior technological utility.
Traditional finance veterans watch from the sidelines, clutching their gold bars while digital assets rewrite the rules of value storage. The old guard's skepticism only fuels the crypto revolution's momentum.
As mining operations expand to capitalize on soaring prices, the network's security strengthens—creating a virtuous cycle that pushes Bitcoin further into mainstream finance. The $644K forecast might seem outrageous to Wall Street traditionalists, but in crypto, yesterday's impossibility becomes tomorrow's support level.
Gold still leads the debasement trade
Despite the crypto bounce, gold continues to lead the "debasement trade," surging past $4,000 and now up 50% this year.
The rally is fueled by rising government deficits, shaky bond markets and expectations of looser monetary policy. Japanese yields hit 17-year highs this week, adding to global investor anxiety and sending capital toward gold as a SAFE haven—at the expense of risk assets like crypto.
Charlie Morris, chief investment officer at ByteTree, said gold’s rally isn’t being driven by speculation.
"The market is hot, but it’s not red hot," he said. "If deficits, money printing, instability and rate cuts are driving the Gold price higher, perhaps those things need to change before we turn bearish."
“Gold will make an intermediate peak at some point, but it’s best not to guess when that is and wait for evidence,” he added.
Bitcoin, he argued, could be the next asset to catch a bid once gold's shine fades, pointing to the largest crypto’s historical role as a second-wave beneficiary in macro-driven risk rotations.
"When gold starts to cool, the chances are that Bitcoin will get going again," Morris said.
Matthew Sigel, head of digital asset research at VanEck, reiterated in his long-term outlook that bitcoin could eventually capture half the market size of gold.
That scenario, he explained in a Tuesday X post, hinges on bitcoin as a "digital gold" being a more appealing store of value for younger generations.
With the latest gold gains, that projection WOULD imply a $644,000 per BTC price, he said.
