Bitcoin’s spectacular rise since the United States elections has left many analysts bullish on the cryptocurrency’s prospects, with investment manager VanEck forecasting a potential $180,000 price target for Bitcoin sometime next year. This bold prediction comes from Matthew Sigel, VanEck’s Head of Digital Assets Research, who sees no technical resistance and believes Bitcoin is poised to continue reaching new all-time highs.
Since November 5, when Donald Trump was elected president, Bitcoin has surged by approximately 30%, driving a wider crypto rally. The cryptocurrency recently hit an all-time high of $93,490 on November 13, according to TradingView. While the rally has slightly cooled, with Bitcoin trading around $88,100 on November 15, analysts, including Sigel, remain highly optimistic about its future trajectory.
Sigel believes Bitcoin’s rally is far from over. “It’s just getting started,” he told CNBC’s Squawk Box on November 14. He pointed out that Bitcoin is now in “blue sky territory,” where there is no technical resistance preventing further price increases. VanEck’s research team expects repeated all-time highs over the next two quarters as the market continues to build momentum.
Building on the optimism surrounding Bitcoin, Sigel shared VanEck’s price target of $180,000 for Bitcoin by the end of next year. This forecast would represent a massive gain, marking a 1,000% return from the bottom to the peak of this cycle — a return that Sigel notes would still be relatively modest compared to previous Bitcoin cycles.
VanEck is drawing parallels between the current Bitcoin rally and the one that occurred after the 2020 presidential election, which saw Bitcoin double in price between Election Day and the end of the year. Sigel emphasized that the firm was expecting a post-election pump and that Bitcoin’s current price action is following the same pattern seen in previous cycles.
VanEck has closely monitored several indicators that signal Bitcoin’s rally is likely to continue. Sigel pointed to two key factors:
Increased Demand from Investment Advisors: Sigel revealed that VanEck has been receiving a growing number of inquiries from investment advisors who either have no Bitcoin exposure or are looking to increase their Bitcoin holdings. The rise in calls suggests that institutional demand for Bitcoin is picking up, and capital inflows are expected to follow.
Search Volume and App Rankings: Sigel also highlighted that Google search volume for Bitcoin and the Coinbase app rankings in the Apple and Google app stores are both on the rise, signaling growing public interest. Google Trends data shows that searches for “Bitcoin” have surged since the start of November, with interest nearly tripling compared to prior months.
Meanwhile, Coinbase, one of the leading crypto exchanges, is ranked as the top finance app in the US Apple App Store and 16th overall in terms of app popularity. The app is also the 5th-ranked finance app on Google Play, reflecting growing retail investor interest in Bitcoin and cryptocurrency.
Despite a slight cooling in Bitcoin’s price action in mid-November, VanEck’s research team is still optimistic about the long-term potential of the cryptocurrency. Sigel pointed out that the current cycle remains the smallest Bitcoin cycle by far, suggesting that there is still ample room for growth in the months ahead. As Bitcoin continues to establish itself as a key asset class within the financial ecosystem, more institutional and retail investors are expected to participate, driving demand and pushing prices higher.
The ongoing surge in search interest, along with Coinbase’s strong app rankings, further supports the thesis that Bitcoin’s bullish trend could continue as the crypto space matures and becomes more integrated into the broader financial landscape.
As Bitcoin continues to push new highs, VanEck’s forecast of a $180,000 price target is gaining attention in the crypto and financial sectors. The cryptocurrency’s rally, fueled by post-election optimism and growing institutional interest, is set to continue in 2025. VanEck’s research points to key indicators — such as rising demand from investment advisors and growing public interest — as evidence that Bitcoin is far from reaching its peak.
If Bitcoin follows the trajectory outlined by VanEck, investors could be in for significant returns in the coming year. However, as with all investments, Bitcoin’s volatility and market risks remain a factor, and future price action will depend on a variety of external factors, including global macroeconomic conditions, regulatory developments, and broader market sentiment.
For now, Bitcoin remains in blue sky territory, with the potential to break even more records as the year unfolds.
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