As Bitcoin has been surging throughout this week, asset management giant VanEck, managing approximately $100 billion in assets, has raised its price target for Bitcoin to an impressive $180,000 for this market cycle. The Bitcoin cryptocurrency reached a staggering all-time high of $93,000 on Wednesday, reflecting its robust performance.
This bullish rally has been further fueled by the political landscape, particularly following Donald Trump’s victory in the 2024 US presidential election, which has sparked renewed interest and optimism in the market.
In an interview with CNBC on Thursday, Matthew Sigel, the Head of Digital Research at VanEck, expressed optimism about the future of the token, stating that it is “just getting started.” He elaborated that the asset is currently experiencing what he referred to as “blue sky territory.” Sigel further emphasized that the leading cryptocurrency is facing “no technical resistance.”
VanEck Says Bitcoin Could Reach $180,000 During Current Bull Run
The last week has been monumental for the cryptocurrency sector, marking a significant turning point for Bitcoin. After a dominant performance in 2024, Bitcoin’s bullish momentum has surged to unprecedented levels. This explosive growth can be attributed to the conclusion of this year’s highly anticipated presidential election, which has energized investor sentiment and market confidence.
While the BTC token has pulled back from its all-time high, it continues to demonstrate strong performance. According to CoinMarketCap, it has surged more than 35% over the past 30 days, indicating strong market interest.
Although it has dipped below the $90,000 mark, the trading activity remains vigorous, with a trading volume exceeding $94 billion in just the last 24 hours.
VanEck, the $100 billion asset manager, has confirmed that the momentum is unlikely to wane any time soon, setting a price target of $180,000 for Bitcoin in this cycle. In an interview with CNBC, Matthew Sigel forecasted that the Bitcoin asset will reach “repeated all-time highs over the next two quarters.”
Additionally, Sigel pointed out that a similar pattern occurred four years ago, highlighting the cyclical nature of the asset’s bull run. The current trend is testing even the most optimistic BTC price forecasts. In fact, it seems probable that the asset will surpass the $100,000 milestone well before Trump’s inauguration in January.
Also Read: This Week’s Must-Buy Cryptos: Litecoin, Tron, and Zcash with Bullish November Predictions
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
