Bitcoin To Peak At $180,000, Says VanEck’s Head Of Digital Assets Research
By Benzinga
Matthew Sigel, Head of Digital Assets Research at VanEck, one of the spot Bitcoin ETF issuers, on Thursday projected Bitcoin (CRYPTO: BTC) to hit $180,000 in this market cycle, driven by strong government support and increasing institutional interest.
What Happened: As Bitcoin recently surged past $93,000, Sigel said, “We think it’s just getting started,” highlighting that the current administration’s pro-Bitcoin stance has created “blue sky territory” for the cryptocurrency.
Sigel cited previous patterns, noting how Bitcoin doubled between the 2020 election and year-end, and expects similar momentum over the coming quarters.
“Our price target for this cycle is $180,000, which would represent a 1,000% return from the bottom,” Sigel added.
Sigel also emphasized the role of institutional interest, observing a growing volume of inquiries from investment advisors seeking exposure to Bitcoin.
“The number of calls…is starting to accelerate, and we think the flows are going to follow,” he noted.
Also Read: Ben Horowitz: ‘The Biden Regulators Lied About Crypto’
Indicators that VanEck monitors are “still flashing green,” according to Sigel, who pointed to Google search activity and app store rankings as measures of public interest, both of which remain lower than their 2020 peaks, signaling room for further upside.
Sigel believes this cycle is bolstered by favorable policy, with a cabinet increasingly aligned with Bitcoin interests.
Should regulatory actions change, such as the departure of SEC Chair Gary Gensler, Sigel suggests the market impact could be substantial, “When you stop suing people for breaking rules that have never been written down…that’s a long way of saying that regulation by enforcement is going to end.”
He also noted a growing trend of crypto firms planning to establish operations in the U.S., a shift he attributes to favorable economic policies that support jobs and GDP growth.
What’s Next:To explore more insights on the future of Bitcoin and digital assets, Sigel will be among the key speakers at Benzinga’s Future of Digital Assets conference on Nov. 19.
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