VanEck Analyst Predicts Successive All-Time Highs for Bitcoin in Coming Months
Matthew Sigel, VanEcks Head of Digital Research, has painted a promising future for Bitcoin going into 2025.
According to him, the worlds largest cryptocurrency could reach successive all-time highs (ATH) over the next few quarters, potentially climbing as high as $180,000.
Bitcoins Current Market Trajectory
In a November 14 interview on CBNC, Sigel suggested that the push could come from current market dynamics, which show minimal technical resistance.
Over the last few days, the asset went on a rampaging run, breaking its ATH price on several occasions, including a brief foray above $93,000, before returning to its current level of around $89,000.
His assertion is backed by historical trends, which show that the OG cryptocurrency often makes substantial gains after U.S. elections regardless of who ends up in the White House.
We are likely to make repeated all-time highs over the next few quarters. The same pattern played out four years ago between the election and the end of the year in 2020. Bitcoin doubled, and there were about six 10% corrections, so it is not going to be a straight line, said Sigel.
According to the expert, Bitcoin is entering the early stage of a strong bullish phase. He also highlighted the incoming governments attitude towards BTC, which is expected to be more favorable, a crucial development that could catalyze wider adoption and further price increases.
Our target is $180K; we think we could reach that next year, Sigel said, noting that it would be a 1000% return from the bottom to the peak of the current cycle.
More influential figures advocating crypto as a legitimate asset class support the shift. Additionally, traditional investment behemoths are contemplating larger allocations, illustrated by Goldman Sachss recent revelation of a $710 million stake in Bitcoin via several exchange-traded funds (ETFs). Its holdings in BlackRocks iBIT fund have gone up a whopping 83% since it last bought into the product.
Shifting Public Interest and Market Maturity
While Bitcoin is riding a wave of positive momentum at the moment, public interest is noticeably lower than during its last major peak four years ago. Sigel pointed to this as marking a potential shift in focus, which could either mean a maturing market or a temporary lull in public enthusiasm.
He believes this period could be a stabilization phase, which could lay the foundation for the assets more sustainable growth.
According to him, a relatively quieter market offers several benefits, including more thoughtful investments and slower, more reliable price increases. Further, he suggested that a more mature audience could bring stability, thus helping reduce the dramatic price swings often fueled by speculative surges.
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Text source: CryptoPotato
