VanEck, an asset manager worth $100 Billion said that its Bitcoin price target for this cycle is $180k. On Wednesday, Bitcoin pumped to $93,000 hitting its all-time high with a continuous surge after Trump’s win.
Although Bitcoin is down to $88,000 at this time after hitting an all-time high, VanEck’s head of digital research Matthew Sigel believes that the token is “just getting started.”
VanEck maintains a positive outlook on Bitcoin
In an interview with CNBC, Sigel related Bitcoin’s recent surge to “blue sky territory.” He is also convinced that the crypto asset has no technical resistance.
The past week has been a good one for the leading cryptocurrency, Bitcoin although it already had a good year in 2024. The bullish performance continued after the cryptocurrency surged following the conclusion of the world’s most-followed election, the US Presidential election.
According to CoinMarkerCap Bitcoin has surged 35% in the past 30 days, despite it falling from its all-time high of $91,000. Bitcoin price has retreated to below $90,000 but the cryptocurrency still has much upside pressure in it as volumes traded continue to rise. It is reported that Bitcoin has seen a trading value of $111 billion in the last 24 hours.
With all the upside pressure exerted in the past ten days, the $100 billion asset manager has said it is sure the bullish momentum will not fade anytime soon, but the cycle will see Bitcoin reach a target of $180,000.
Sigel predicted that the next two quarters will see Bitcoin breaking all-time records as it surges toward the $180,000 price prediction.
VanEck sees history repeating itself with Bitcoin
Sigel is using the predictive history of Bitcoin to come up with such strong forecasts maintaining this was a cycle that previously happened four years ago as he proclaimed the asset’s bull run.
He believes the $100,000 mark will be breached before President-elect Trump is inaugurated in January. The VanEck’s head of digital research said last month that he believes Bitcoin will reach $3 million by 2050 if it becomes an essential part of the monetary.
The Trump administration is seen as a springboard for Bitcoin price due to its expected government support. President Trump has pushed for many pro-cryptocurrency nominations for his administration.
Pro-cryptocurrency Congressman Matt Gaetz and Pete Hegseth have been nominated for the posts of Attorney General and Secretary of State.
The same has been done for the Treasury Secretary position, Scott Bessent and Howard Lutnik, who have been nominated. The two are pro-cryptocurrency as they have shown a strong support for cryptocurrency.
Institutional interest increase is also a major player in the rise of Bitcoin price, according to VanEck’s Sigel. He said his office has received a growing number of calls from investment advisors who are either at Bitcoin entry-level or without exposure to the asset but are just seeking to increase their Bitcoin holdings.
“So, the number of calls that I am getting inbound from investment advisors who are at zero and looking to get to 1% or at 1% and looking to get up to 3%. These calls are starting to accelerate and we think the flows are going to follow,” he said.
Bitcoin searches on Google are still lower than they were in 2020, and Sigel noted that there is still room for public engagement and interest in crypto to grow.
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