Bitcoin has gained 30% since November 5, reaching US$93,490 on November 13 before settling around US$88,100 by today.
“We’re now in blue sky territory,” VanEck’s head of digital assets research Matthew Sigel told CNBC’s Squawk Box yesterday, using the term that refers to a commodity breaking clear of its previous high.
“[There has been] no technical resistance, and we think we are likely to make repeated all-time highs over the next two quarters,” Sigel continued.
“Our target is US$180,000. We think we could reach that next year … That would be a 1,000% return from the bottom to the peak of this cycle — still the smallest Bitcoin cycle by far.”
The cryptocurrency’s pattern mirrors its performance after the 2020 elections, when prices doubled between voting day and year-end. Sigel reports increasing inquiries from investment advisers seeking new or expanded Bitcoin exposure.
Market indicators suggest room for growth. Google Trends data shows Bitcoin searches have tripled since early November, yet remain below May 2021 peaks. Similarly, Coinbase’s app store rankings — while leading US finance apps on Apple’s platform and fifth on Google Play — haven’t matched previous highs.
Watch Sigel’s full interview below.
