Bitcoin could reach $180,000 this cycle, says VanEck head of crypto research

Key Takeaways

• Bitcoin is predicted to reach $180,000 within the next year, representing a 1,000% return from the cycle's bottom.
• Pro-crypto Trump administration appointments and growing institutional interest are factors supporting Bitcoin's bullish trend.

Matthew Sigel, VanEck’s head of digital assets research, forecasts that Bitcoin could soar to $180,000 this cycle, which would yield a 1,000% return from the cycle’s bottom.

“Our target is $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,” said Matthew Sigel, head of digital assets research at VanEck, in an interview with CNBC. “That is still the smallest Bitcoin cycle by far.”

Sigel said last month that Bitcoin could reach $3 million by 2050 if it becomes a key player in the global monetary system.

Bitcoin has surpassed $75,000 and climbed above $90,000 following pro-crypto Donald Trump’s election victory. Sigel suggests the current surge is part of a larger bullish trend that could lead to repeated all-time highs over the next two quarters.

“We think it’s just getting started. As we expected, Bitcoin saw this high volatility pump after the election. We are now in blue sky territory, no technical resistance,” Sigel said.

Historical patterns support Sigel’s projections. According to the analyst, after the 2020 US presidential election, Bitcoin experienced a substantial rally, doubling in value within a few months.

“It is not going to be a straight line but we are up 30% so far and a number of indicators that we track are still flashing green for this rally to continue,” Sigel added.

Sigel also expects “government support” under the Trump administration to positively influence Bitcoin’s market performance.

Trump has nominated several figures known for their support of crypto to key roles in his administration.

Matt Gaetz, a pro-crypto Congressman, has been nominated as Attorney General, and Pete Hegseth, also a Bitcoin advocate, has been nominated as Secretary of Defense.

For the Treasury Secretary position, two leading candidates—Scott Bessent and Howard Lutnick—have taken a strong pro-crypto stance.

Increasing institutional interest also plays a major role in Bitcoin’s rise. VanEck’s head of crypto research says he has received a growing number of calls from investment advisors who are either new to Bitcoin or have small exposure to it. These advisors are seeking to increase their Bitcoin holdings.

“So the number of calls that I’m getting inbound from investment advisors who are at zero and looking to get to 1% or at 1% and looking to get up to 3%. These calls are starting to accelerate and we think the flows are going to follow,” he stated.

Sigel notes that there is still room for public engagement and interest in crypto to grow as Google searches for Bitcoin are still lower than they were four years ago.