Analyst at VanEck Says Bitcoin Might Reach $180,000 in Current Rally
The recent surge in Bitcoin (BTC) prices could well last into 2025 and see it reach highs of $180,000, said Matthew Sigel, head of digital assets research at VanEck. During a recent interview with CNBC Squawk Box, Sigel drew uncanny similarities between the digital currency's ongoing post-election rally and that of its aftermath from the 2020 presidential election.
"As we expected, Bitcoin saw this high volatility pump after the election. We’re now in blue sky territory, no technical resistance, and we think we’re likely to make repeated all-time highs over the next two quarters," Sigel said, referring to financial periods ending March and June 2025.
Starting from Election Day, Nov. 5, the cryptocurrency surged rather impressively, breaking successive resistance levels at $80,000, $85,000, and $90,000. Now trading around $88,500, Bitcoin currently retains market dominance of approximately 57% of the total cryptocurrency market capitalization.
Drawing historic comparisons, Sigel went as far as noting that Bitcoin doubled in value between the 2020 election and the year's end despite enduring multiple 10% corrections. Already up 30%, the current rally is painting similar patterns and promising signs of continued upward movement.
Optimism from VanEck trickles up to company leadership; recently, CEO Jan Van Eck suggested that Bitcoin could reach $300,000 based on the idea that Bitcoin's value could eventually equate to half of all outstanding gold.
