TL;DR
- VanEck predicts Bitcoin could reach $180,000 by 2025, with no technical resistance in its path, according to Matthew Sigel, head of digital assets research.
- Bitcoin has surged nearly 30% since November 5, reaching a record of just under $93,490, driven by favorable sentiment following Donald Trump’s return to the U.S. presidency.
- Institutional interest is rising, with investment advisers seeking Bitcoin exposure, and market indicators suggesting continued momentum towards the $180,000 target.
VanEck has made a bold prediction for Bitcoin, projecting that the cryptocurrency could reach $180,000 by 2025. Matthew Sigel, VanEck’s head of digital assets research, shared his insights on CNBC’s “Squawk Box” on November 14, 2024, stating that Bitcoin is now in “blue sky territory,” where no technical resistance stands in its way.
Repeated All-Time Highs Expected
Sigel expects Bitcoin to achieve repeated all-time highs over the next two quarters. Since November 5, Bitcoin has surged nearly 30%, reaching its latest record of just under $93,490 on November 13. At the time of writing, Bitcoin trades below the $90.000 mark.
This recent surge in the market has been partially linked to a favorable attitude towards cryptocurrency following Donald Trump’s return to the U.S. presidency. Although there has been a minor dip in the rally, Bitcoin continues to show resilience, increasing more than 17% in the last 7 days.
Market Indicators Flashing Green
VanEck’s target of $180,000 indicates a tenfold rise from the lowest point of the current cycle, highlighting that this Bitcoin rally has seen the smallest percentage gains when compared to earlier cycles.
Sigel highlighted signs that indicate the momentum is still very much alive. “Our target is $180,000. We think we could reach that next year,” he said, adding that metrics tracked by VanEck “are still flashing green“.
The rising public interest in Bitcoin is evident through both search trends and app downloads. Although Google searches for “Bitcoin” haven’t yet reached the heights of 2021, they’ve seen a significant increase, nearly tripling since early November.
Institutional Interest Rising
Sigel observed that the number of investment advisers reaching out for Bitcoin exposure is on the rise, indicating a possible influx of capital into the market.
This bullish outlook mirrors Bitcoin’s post-election performance in 2020 when the asset doubled in value between Election Day and year-end. With institutional interest rising and technical barriers absent, the stage is set for another historic Bitcoin cycle.
Future Prospects
Bitcoin’s recent surge past $93,000 is fueled by substantial inflows from traditional funds through Bitcoin ETFs. Ryan Lee, Chief Analyst at Bitget Research, highlighted the narrative of Bitcoin potentially being adopted as a U.S. reserve asset, a possibility hinted at by President-elect Trump.
