The bull market has just begun! Investment management company VanEck reveals Bitcoin target price fo

Investment management company VanEck expects the upward trend of Bitcoin to continue until next year and has set a target price of $180000.

Matthew Sigel, Head of Digital Asset Research at VanEck, stated in an interview with CNBC's Squawk Box on November 14th:

This is just the beginning

He added that the cryptocurrency market has now entered an unlimited zone with no technical resistance. In the next two quarters, it is possible to repeatedly set historical highs.

Since Trump was elected as the president supporting cryptocurrency on November 5, the price of Bitcoin has risen by about 30%, leading the general rebound of the cryptocurrency market. According to CoinMarketCap data, Bitcoin hit a new high of $93409 on November 14th. At the time of writing this article, the rise of Bitcoin has slowed down, currently trading at around $87790.

Matthew Sigel stated that VanEck expects a post election rally and pointed out that the current trend is similar to the pattern after the 2020 election, when Bitcoin doubled between voting day and the end of the year.

Our target price is $180000. We believe it is possible to reach this level next year. This means that from the low point to the high point of this cycle, Bitcoin's increase will reach 1000%, but compared to past cycles, this is still the smallest increase for Bitcoin

He also pointed out that the Google search volume for "Bitcoin" and the ranking of Coinbase applications on the Apple and Google App Stores are still far below the levels of four years ago. According to Google Trends data, the search heat for "Bitcoin" reached its peak in May 2021, but the search volume has increased nearly threefold since early November.

According to Appfigures' data, Coinbase ranks first and 16th overall among financial apps on the Apple App Store in the United States, while it ranks fifth and 66th overall among financial apps on Google Play.

Reference source