Matthew Sigel, head of digital assets research at VanEck, says Bitcoin is in “blue sky territory” and thinks the price will reach $180,000 in 2025
Bitcoin’s record-breaking rise since the US elections is likely to continue. VanEck, a financial manager and fund issuer, wants the price to reach $180,000 by sometime next year.
Mr. Matthew Sigel, head of digital assets research at VanEck, told CNBC’s “Squawk Box” on Nov. 14 that “it is just getting started.”
“We’re now in blue sky territory with no technical resistance, and we expect to set many more all-time highs over the next two quarters,” he said.
After Trump was chosen as president, crypto prices went up after he supported them. Bitcoin’s price has gone up about 30% since November 5. TradingView says it kept setting new highs, with its peak on Nov. 13 just a cent below $93,490.
As of November 15, Bitcoin sells around $88,100 after a small drop.
As the number of calls from investment planners who either don’t know much about Bitcoin or want to learn more about it “starts to accelerate,” Sigel said, “and we think the flows are going to follow.”
Sigel said VanEck was expecting a pump after the election, and it’s happening now in the same way it did after the 2020 elections when it doubled in the months after the election and before the end of the year.
“Our goal is to get $180,000.” “We believe we can do that next year,” he said. From the low point to the high point of this cycle, that would be a 1,000% return. That is still the shortest Bitcoin cycle by a long shot.
He said that a number of the signs VanEck reads “are still flashing green for this rally to continue.”
Sigel said there are still “nowhere near as many Google searches for “Bitcoin,” and the Coinbase app is still ranked low in both the Apple and Google app shops.
Google Trends shows that the most “Bitcoin” searches happened in May 2021. However, since the beginning of November, the number of searches has almost tripled.
Appfigures says Coinbase is the best finance app in the US Apple App Store and the 16th best. It’s also the fifth-best finance app on Google Play and the 66th-best app overall.