VanEck exec predicts institutional tsunami may drive Bitcoin to $180K within a year
Bitcoin (BTC) could surge to $180,000 within the next year, driven by increasing institutional interest and supportive government policies, according to VanEcks head of digital assets research Matthew Sigel.
In an interview on CNBCs Squawk Box, Sigel forecasted that the flagship crypto could more than double its current price as it continues its upward trajectory through 2025.
Blue Sky Territory
Bitcoin, which is currently priced at $88,723 after setting a new all-time high above $93,000 on Nov. 13, has experienced a dramatic rise over the past year, up more than 145%.
Sigel believes this is just the beginning of a much larger bull market. He told the CNBC hosts:
We think its just started.
Sigel added that Bitcoins recent volatility and subsequent gains are part of a broader cycle that is likely to see the crypto make repeated all-time highs over the next two quarters. He pointed to Bitcoins performance following the 2020 US election as a historical precedent.
Between the election and the end of that year, Bitcoin doubled in value despite experiencing multiple 10% corrections. Sigel expects a similar pattern to unfold in this cycle, noting that while Bitcoins price may fluctuate, the overall trend will remain upward.
He said:
Were now in blue sky territory, no technical resistance, and we think were likely to make repeated all-time highs.
Institutional demand accelerating
Sigel also discussed the growing interest from institutional investors, noting a notable increase in the number of calls hes receiving from investment advisors. These advisors, many of whom had previously avoided Bitcoin, are now seeking to add BTC to their portfolios.
Sigel said:
The number of calls Im 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 surge in institutional demand is expected to fuel the price rally as more funds flow into Bitcoin. He also emphasized the recent election of pro-crypto US President Donald Trump as a crucial part of his forecast.
He noted that the political climate has shifted in favor of Bitcoin, with more government support expected for the digital asset. This, combined with growing institutional adoption, is likely to push Bitcoins price to new heights in the coming year.
Sigels target of $180,000 represents a potential 1,000% return from Bitcoins cycle bottom, which would make this one of the smallest cycles in the flagship cryptos 16-year price history.
Despite the volatility, Sigel remains confident in Bitcoins long-term prospects, citing the strong technical indicators and the overall bullish sentiment surrounding the digital assets.
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Text source: CryptoSlate
