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VanEck executive forecasts that institutional influx could propel Bitcoin to $180,000 in the next year.
Bitcoin (BTC) may rise to $180,000 in the next year, propelled by growing institutional interest and favorable government policies, as stated by Matthew Sigel, head of digital assets research at VanEck.
In a discussion on CNBC’s Squawk Box, Sigel projected that the leading cryptocurrency could more than double its current value as it continues its upward trend through 2025.
‘Blue Sky Territory’
Currently valued at $88,723 after reaching a new all-time high exceeding $93,000 on November 13, Bitcoin has seen a significant increase over the past year, rising over 145%.
Sigel is of the opinion that this marks merely the onset of a much larger bull market. He conveyed to the CNBC hosts:
“We think it’s just started.”
Sigel further noted that Bitcoin’s recent fluctuations and subsequent increases are part of a larger cycle that is likely to witness the cryptocurrency achieving new all-time highs over the next two quarters. He referenced Bitcoin’s performance following the 2020 US election as a historical example.
From the election until the end of that year, Bitcoin’s value doubled, despite undergoing several 10% corrections. Sigel anticipates a similar trend in this cycle, indicating that while Bitcoin’s price may vary, the overall direction will remain upward.
He remarked:
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“We’re now in blue sky territory, no technical resistance, and we think we’re likely to make repeated all-time highs.”
Institutional demand accelerating
Sigel also highlighted the increasing interest from institutional investors, mentioning a significant rise in the number of inquiries he’s receiving from investment advisors. Many of these advisors, who had previously shunned Bitcoin, are now looking to incorporate BTC into their portfolios.
Sigel stated:
“The number of calls I’m getting inbound from investment advisors who are at zero and looking to get to 1% or at 1% and looking to get to 3%, these calls are starting to accelerate.”
According to Sigel, this influx of institutional demand is anticipated to drive the price surge as more capital flows into Bitcoin. He also pointed out the recent election of pro-crypto US President Donald Trump as a key factor in his prediction.
He observed that the political landscape has become more favorable for Bitcoin, with increased government backing expected for the digital asset. This, along with rising institutional adoption, is likely to elevate Bitcoin’s price to new levels in the upcoming year.
Sigel’s target of $180,000 signifies a potential 1,000% return from Bitcoin’s cycle low, which would categorize this as one of the shortest cycles in the flagship cryptocurrency’s 16-year price history.
Despite the volatility, Sigel maintains confidence in Bitcoin’s long-term outlook, citing robust technical indicators and the prevailing bullish sentiment surrounding digital assets.
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