Originally published on: November 15, 2024
VanEck, a leading investment manager and fund issuer, anticipates that the remarkable rise of Bitcoin following the recent US elections will persist, with the cryptocurrency aiming to reach $180,000 in the coming year.
According to Matthew Sigel, the head of digital assets research at VanEck, this bullish trend is just the beginning. He emphasized during an interview on CNBC’s Squawk Box that Bitcoin is currently in uncharted territory, with no technical barriers hindering its growth. Sigel confidently stated that Bitcoin is likely to achieve repeated all-time highs over the next two quarters.
Following a 30% surge since November 5th, Bitcoin has continued to surge, reaching a peak of nearly $93,490 on November 13th, as reported by TradingView. Although the rally has slightly cooled down, with Bitcoin trading around $88,100 as of November 15th, Sigel noted a growing interest from investment advisers looking to either enter the Bitcoin market or increase their existing exposure.
VanEck’s forecast of $180,000 for Bitcoin is based on historical patterns, with Sigel highlighting that Bitcoin doubled in value between the voting day and the end of the year following the 2020 elections. He expressed confidence in Bitcoin’s potential for a significant return on investment, with this cycle expected to be the most profitable yet.
Moreover, Sigel pointed out that indicators tracked by VanEck continue to support the ongoing rally of Bitcoin. Despite the recent volatility in the crypto market, he remains optimistic about Bitcoin’s upward trajectory.
While Google search volumes for “Bitcoin” have not yet reached their peak from four years ago, recent data from Google Trends shows a significant increase in interest since the beginning of November. Additionally, the Coinbase app, a popular platform for buying and selling cryptocurrencies, has seen a rise in rankings in both the Apple and Google app stores.
As the crypto market continues to evolve and attract new investors, VanEck’s Bitcoin price forecast signals a promising outlook for the digital asset. Stay informed with the latest market insights by subscribing to our newsletter for critical analyses, investment opportunities, and trading strategies delivered every Monday.
