VanEck Sets New Bitcoin Target of $180K, Says BTC Rally Just Getting Started

Matthew Sigel, the Head of Digital Asset Research at VanEck, remains optimistic about the price trajectory of Bitcoin, suggesting that BTC's rally is just getting started. Sigel made the assertion during an interview on CNBC. Notably, he expressed his view about the future price action of the world’s largest cryptocurrency. https://twitter.com/SquawkCNBC/status/1857035336301285412 Yesterday, Bitcoin crossed the $90,000 mark to set an all-time high (ATH) of $93,434. Bitcoin plunged below the $90,000 mark shortly after the rally, with many investors speculating that the asset’s uptrend might end soon. Bitcoin Is Just Getting Started However, Sigel believes that the Bitcoin rally is just getting started, forecasting that the top asset would make repeated all-time highs over the next two quarters. He mentioned that Bitcoin’s latest price action is similar to what happened in the 2020/2021 market cycle. Sigel noted that the price of Bitcoin doubled in 2020 between the period of the U.S. presidential election and year-end. According to him, Bitcoin only saw 6-10% corrections within that period, which he referred to as an expected move. Similarly, the VanEck executive noted that Bitcoin is replicating its 2020 pattern, which began with a surge after the election. He pointed out that Bitcoin has already surged 30% since the election, reinforcing the idea that BTC is just getting started. Factors Backing Sigel’s Forecast His confidence stems from the company’s unique technical indicators, which confirm that Bitcoin is expected to continue its bullish streak. He also mentioned an imminent change in government sentiment toward Bitcoin. According to him, the Trump-led cabinet has several pro-Bitcoin officials, ranging from the Vice president to the National Security Adviser. VanEck Sets New Bitcoin Price TargetFollowing the bullish momentum surrounding Bitcoin, Sigel projected that it would trade at $180,000 by the end of this cycle. He expects this prediction to play out by next year. Hitting the $180,000 target requires Bitcoin’s price to surge by 97.08% from its current value of $91,331. The $180,000 target marks the latest prediction VanEck has issued for the world’s largest cryptocurrency. On behalf of VanEck, Sigel has set various targets for Bitcoin. Last month, he projected that Bitcoin could trade at $3 million per token by 2050, with a 16% annual compounded growth rate.