The head of digital assets research at exchange-traded fund (ETF) provider VanEck believes Bitcoin (BTC) is heading even higher this cycle after putting up massive gains.
In a new interview on CNBC’s Squawk Box, VanEck executive Matthew Sigel says that Bitcoin may soar more than 102% from its current value.
“We think it’s just started. 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. The same pattern played out four years ago. Between the election and the end of the year in 2020, Bitcoin doubled. There were about six 10% corrections. So it’s not going to be a straight line. But we’re up 30% so far, and the number of indicators that we track are still flashing green for this rally to continue.”
Sigel predicts Bitcoin will continue to soar to a high of $180,000, in part due to the election of pro-crypto Donald Trump as US president. He also says that deep-pocketed investors are increasingly looking to gain exposure of the top digital asset my market cap.
“This is a state change in terms of government support…
The number of calls that 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, and we think the flows are going to follow.
Our price target for this cycle is $180,000. We think we can reach that next year. That would be 1,000% return from the bottom to the peak this cycle. That’s still the smallest Bitcoin cycle by far.”
Bitcoin is trading for $88,723 at time of writing, up more than 145% in the last year.
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