Head of research at VanEck says Bitcoin bull run is just getting started

2024-11-16 20:37

Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters. Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations. VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.

In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.

Change in government support and surge in institutional interest

Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.

“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.

A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.

This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.

Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.

Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.

VanEck projects Bitcoin could hit $180,000

VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.

Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.

The post Head of research at VanEck says Bitcoin bull run is just getting started appeared first on CoinJournal.

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