Bitcoin’s record-breaking rise since the United States elections is expected to continue, and investment manager and fund issuer VanEck is targeting a price of $180,000 by sometime next year.
“It is just getting started,” VanEck’s head of digital assets research Matthew Sigel told CNBC’s “Squawk Box” on Nov. 14.
“We’re now in blue sky territory, no technical resistance, and we think we are likely to make repeated all-time highs over the next two quarters,” he added.
Bitcoin (BTC) has risen about 30% since Nov. 5, leading a wider crypto rally after the pro-crypto Donald Trump was elected president. It’s continued to break new highs, with its current peak set on Nov. 13 hitting a cent below $93,490, per TradingView.
Bitcoin’s rally has slightly cooled as of Nov. 15, with it now trading around $88,100.
Sigel said the number of calls he’s getting from investment advisers who either have no Bitcoin exposure or want to increase it is “starting to accelerate, and we think the flows are going to follow.”
Sigel said VanEck expected a post-election pump, and it’s currently following the same pattern as after the 2020 elections when it doubled in the months between voting day and year-end.
“Our target is $180,000. We think we could reach that next year,” he added. “That would be a 1,000% return from the bottom to the peak of this cycle, that is still the smallest Bitcoin cycle by far.”
He claimed a number of indicators that VanEck tracks “are still flashing green for this rally to continue.”
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Google Search volumes for “Bitcoin” and the Coinbase app ranking in the Apple and Google app stores are both still “nowhere near where they were four years ago,” Sigel added.
Google Trends data shows searches for “Bitcoin” hit a peak in May 2021 but search interest has nearly tripled since around the start of November.
Coinbase is the top-ranking finance app in the US Apple App Store and is in 16th place overall, while Google Play ranks it fifth for its finance apps and 66th overall, per Appfigures.
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