Vaneck’s Matthew Sigel Sets Bitcoin Target at $180,000

Stocks Watch November 15, 2024 News Team

Bitcoin Could Reach $180,000 by Next Year, Says Vaneck’s Sigel

Sigel’s outlook on bitcoin (BTC) remains bullish, fueled by what he identifies as indicators of a continued rally. Following recent price surges, he noted that BTC has seen similar patterns during past cycles, notably around elections, with rising demand and steady price recovery. According to the Vaneck executive, BTC’s price growth is “just getting started,” predicting it will reach repeated all-time highs in the coming quarters.

The strategist attributes part of this confidence to shifting dynamics in regulatory sentiment and political support. Sigel cited “pro-bitcoin” stances from key U.S. officials, such as President-elect Donald Trump, the vice president and attorney general, which he believes could bolster BTC’s mainstream appeal. With increasing interest from investment advisers looking to add bitcoin to portfolios—moving from 1% allocations toward 3%—he sees these trends as indicators of potential price support.

Beyond government positions, Sigel points to market trends that support his price target. He highlighted the stability in online interest, noting that Google searches for BTC remain significantly below past peaks, suggesting that mainstream enthusiasm has room to grow. Furthermore, while interest in BTC futures has risen, he sees potential for elevated activity in this market to maintain momentum over an extended period. For Sigel, BTC’s market remains in “price discovery mode,” which historically has fueled sustained rallies.

Sigel also remarked on the evolving global landscape of bitcoin adoption, with some crypto projects planning to hold U.S.-based conferences for the first time in years. He views this as a positive sign for the U.S. economy, foreseeing bitcoin playing a larger role as a “global settlement currency.” Sigel suggested that BTC’s integration with other emerging technologies, like artificial intelligence, could position it for increased adoption and relevance in the broader financial ecosystem.

Despite high volatility, Sigel remains firm in his long-term outlook. If his $180,000 target holds, it would mark a roughly 1,000% return from BTC’s recent cycle low, though he cautions that the path may involve periodic corrections. In his view, the resilience of BTC through past cycles supports a “blue-sky territory” scenario, positioning it for sustained growth in the next year and beyond.

Sigel’s assessment underscores the ongoing mainstreaming of BTC within institutional and governmental contexts, suggesting an optimistic path for its role in the global financial landscape.

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