Originally published on: November 15, 2024
Bitcoin’s impressive surge following the recent US elections is showing no signs of slowing down, according to investment firm VanEck. The head of digital assets research at VanEck, Matthew Sigel, believes that Bitcoin’s price could reach a staggering $180,000 sometime next year.
In an interview with CNBC’s Squawk Box on Nov. 14, Sigel expressed his optimism about Bitcoin’s future, stating, “It is just getting started. We’re now in blue sky territory, no technical resistance, and we think we are likely to make repeated all-time highs over the next two quarters.”
Since Nov. 5, Bitcoin has surged by approximately 30%, leading a broader crypto rally following the election of pro-crypto Donald Trump. The cryptocurrency hit a peak of almost $93,490 on Nov. 13, but has slightly cooled off, trading around $88,100 on Nov. 15.
Sigel revealed that the interest in Bitcoin among investment advisers has been escalating, with many seeking to either establish exposure to Bitcoin or increase their existing holdings. He emphasized that VanEck anticipated a post-election surge similar to the one observed after the 2020 elections, indicating that Bitcoin could potentially reach $180,000 next year.
According to Sigel, several indicators tracked by VanEck are pointing towards a continued rally in the price of Bitcoin. Despite Google Search volumes for “Bitcoin” not yet reaching levels seen four years ago, there has been a significant uptrend in search interest since the beginning of November.
In addition, the Coinbase app, a popular platform for buying and selling cryptocurrencies, has seen a rise in rankings within the Apple and Google app stores. As interest in Bitcoin continues to grow, the possibility of reaching new heights in the coming months seems increasingly probable.
Stay informed about the latest market trends and investment opportunities by subscribing to the Markets Outlook newsletter. Receive valuable insights to refine your trading strategies and seize potential opportunities as they arise. Subscribe now and stay ahead of the curve.
