In a remarkable week for the cryptocurrency market, VanEck, a prominent asset manager with $100 billion in assets under management, has set an ambitious Bitcoin price target of $180,000 for this market cycle. The leading cryptocurrency recently reached an all-time high of $93,000 on Wednesday, buoyed by the news of Donald Trump’s victory in the 2024 U.S. presidential election.
Matthew Sigel, Head of Digital Research at VanEck, expressed optimism during an interview with CNBC on Thursday, stating that Bitcoin is “just getting started.” He characterized the current market conditions as “blue sky territory,” indicating that there are no significant technical barriers hindering further price increases.
The past week has proven transformative for the cryptocurrency sector, particularly for Bitcoin. Despite a strong performance throughout 2024, the asset’s bullish momentum intensified following the recent presidential election. Although it has seen some pullback from its peak, Bitcoin remains robust, having gained over 35% in value over the past month, according to CoinMarketCap. The trading volume has also been impressive, surpassing $111 billion in just one day.
VanEck’s analysts are confident that Bitcoin’s upward trajectory will continue, with Sigel predicting that the cryptocurrency will achieve “repeated all-time highs” in the upcoming two quarters. He noted that the current market dynamics mirror patterns seen four years ago, reinforcing the cyclical nature of Bitcoin’s bull runs. With expectations that Bitcoin will exceed the $100,000 mark well before Trump’s inauguration in January, the outlook for this digital asset remains exceedingly bright.
