Bitcoin remains dominant grabbing the attention of investors; VanEck digital assets head of research Matthew Sigel has forecasted that Bitcoin will reach $180000 in the year 2025. Bitcoin’s technical picture remains bullish with Sigel describing it on CNBC Squawk Box on November 14 as having a ‘blue sky’ having no technical constraints as it continually produces new highs.
Bitcoin has increased about 30% since November 5 with massive buying after the victory of a friendly U.S. president Donald Trump. Bitcoin again had its highest point on November 13, close to $93,500. The rally though eased to around $88,100 by Nov.15, Sigel still believes that the coin could soar higher in the next couple of months as Bitcoin records more highs.
Bitcoin’s Bullish Outlook: 1,000% Potential Return by Next Year
The procedure continued, according to Sigel: “It’s just getting started.” He pointed out to us that VanEck is predicting that BTC will spike after the election as it did in 2020, more than doubling from Election Day to the end of the year. Until now, Sigel still sees BTC at $180,000 next year, with a so-called 1,000% increase from the current low to the top of this cycle’s small BTC cycle.
VanEck remains bullish on the prospects of BTC as most of the popular metrics are also currently pointing to further increases. Sigel also noted that the search interest for “Bitcoin” and the increasing downloads of the Coinbase app shows that investors are interested again. Although, the trend of search interest in BTC started declining in May 2021, the latest trend reflects that number has tripled since mid November.
The demand for this new kind of financial platforms has boomed, as has a company like Coinbase, the largest digital currency platform. A research shows that currently, Coinbase is the number one finance app in the United States Store in the Apple Store and it has overtime been doing well in the Google Play Store as well.
With Bitcoin going on an unprecedented bullish run, VanEck is still very bullish and Sigel said that might be just the start of what could turn out to be the greatest year for the largest cryptocurrency in the world.
