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Bitcoin has been making waves following the recent U.S. presidential election, and according to investment manager VanEck, this momentum might be just the beginning.
With Bitcoin surging over 30% since November 5, VanEckâs head of digital assets research, Matthew Sigel, believes the cryptocurrency is on track to reach all-time highs in the months ahead. During a recent interview on November 14, Sigel expressed VanEckâs ambitious target for Bitcoin at $180,000, likely by next year.
âIt is just getting started,â Sigel stated, noting Bitcoinâs recent performance has led the digital asset into âblue sky territoryâ with no technical resistance on the horizon. VanEckâs bullish outlook is largely based on the increasing volume of calls from investment advisors, who, according to Sigel, are showing renewed interest in Bitcoin exposure. The combination of a pro-crypto administration and institutional appetite appears to be accelerating Bitcoinâs ascent.
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VanEck Sees Parallels with 2020 Post-Election Surge
Reflecting on Bitcoinâs previous rally after the 2020 election, Sigel explained that VanEck anticipated a similar response this time around. âOur target is $180,000,â Sigel said, adding that the current cycle might even yield a smaller-than-average increase compared to prior bull runs.
Supporting this optimistic projection, VanEck points to various market indicators that remain favorable. Interest in Bitcoin appears to be climbing, with Google search volumes for âBitcoinâ nearly tripling since early November, although still below the peak levels seen in 2021.
Similarly, the Coinbase app, a popular entry point for retail investors, ranks as the top finance app on the U.S. Apple App Store and has also climbed in Google Play rankings, indicating heightened consumer interest.
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Indicators Flashing Green for the Crypto Leader
Bitcoinâs rise hasnât gone unnoticed, as other metrics continue to support a positive outlook. According to VanEckâs analysis, investor interest is gaining momentum, though it has not yet reached the levels observed in prior bull cycles. The combination of increased advisor inquiries and strengthening retail engagement signals an incoming wave of demand that VanEck believes will fuel Bitcoinâs price trajectory.
The outlook remains compelling as Bitcoin trades around $88,000 following its recent peak of $93,490 on November 13. As institutional and retail interest converge, many in the industry are watching closely to see if VanEckâs $180,000 target for Bitcoin will indeed materialize in the coming year.
