While Bitcoin is paving the way for new gains with the huge rise it recorded after the US elections, investment management company VanEck predicts that Bitcoin could see $180,000 by 2025.
VanEck Digital Assets Research Manager Matthew Sigel stated that the path ahead of Bitcoin is clear, using the expression "It's starting" in his statement on CNBC's famous program Squawk Box on November 14. Sigel stated that there is currently no technical resistance against Bitcoin and that it has a promising outlook for the coming period.
Bitcoin Ready for New Records$BTC
Sigel said he expects the leading cryptocurrency to see new highs in the first two quarters of 2024. Bitcoin, which has experienced a price increase of approximately 30% since November 5, broke a new record by reaching $93,490 on November 13. It is said that the reason for this increase is that pro-crypto Donald Trump won the US presidential election. As of November 15, the Bitcoin price fell to around $88,100, giving back some of its gains, but it still shows strong momentum.
VanEck’s $180,000 target represents a tenfold increase from Bitcoin’s cyclical bottom and has the potential to be Bitcoin’s smallest rally yet when compared to previous cycles. However, Sigel said that current indicators and metrics suggest that Bitcoin’s uptrend is far from over.
Sigel noted that interest in Bitcoin is increasing and is reflected in various indicators. For example, Google searches for the word “Bitcoin” have nearly tripled since early November, although they are still below the record high for 2021. Similarly, the Coinbase app has become one of the most downloaded apps in the finance category on the Apple and Google Play stores.
Sigel said that the increasing calls from investment advisors to invest in Bitcoin indicate that there may be more entries in the market. VanEck’s optimistic predictions are parallel to Bitcoin’s performance after the 2020 US elections. At that time, Bitcoin doubled in value by the end of the year following the election results. The increasing interest of institutional investors and the absence of any technical obstacles for Bitcoin are creating a strong foundation for Bitcoin to enter a historic cycle.
$150,000 Prediction from Bitget
Bitget Research analyst Ryan Lee stated that large funds investing in Bitcoin ETFs played an important role in Bitcoin exceeding $93,000. Lee said that interest in Bitcoin ETFs could increase further with the possibility of Bitcoin being included among the reserve assets of the United States, as Donald Trump expressed at the Bitcoin conference in Nashville.
“If Bitcoin becomes a reserve asset of the US, other countries may take similar steps. In this case, the inflows into Bitcoin could reach hundreds of billions of dollars, which could lead to BTC breaking new records,” Lee added.
Lee, who expects Bitcoin’s price to fluctuate between $82,000 and $110,000 in the short term, predicts that Bitcoin could reach a price level between $73,000 and $150,000 within six months. He also emphasized that potential developments in crypto regulations could further support the market.
Lee noted that one important indicator that investors should pay attention to is the funding rate. If the funding rate for long positions in the contracts exceeds 50% annually or 0.05% 8-hour, it could signal a correction. He also said that if Bitcoin breaks $94,000, there could be liquidation of about $1 billion in short positions, which could accelerate price momentum.
Bitcoin’s historic rise and near-term potential are garnering more and more attention, along with the interest of institutional investors and an evolving regulatory environment. Both VanEck and Ryan Lee’s predictions suggest that Bitcoin is on track to make even bigger gains in the coming years.