Bitcoin’s price is predicted to skyrocket to $180,000 within the next year, thanks to increasing institutional interest and supportive government policies, as per VanEck’s head of digital assets research, Matthew Sigel. This forecast comes as Bitcoin currently sits at $88,723 after reaching a new all-time high above $93,000 on November 13, showcasing a significant increase of over 145% in the past year.
Sigel sees this as just the beginning of a larger bull market, emphasizing that Bitcoin is now in ‘blue sky territory’ with no technical resistance. He anticipates that the cryptocurrency will continue to hit new all-time highs over the next two quarters, drawing parallels to its performance following the 2020 US election where it doubled in value despite facing multiple corrections.
The surge in institutional demand for Bitcoin is a key factor driving this price rally, with investment advisors increasingly seeking to add BTC to their portfolios. Sigel notes a growing number of calls from advisors looking to allocate funds to Bitcoin, highlighting a shift in attitude towards the digital asset among previously hesitant investors.
Furthermore, Sigel points to the election of a pro-crypto US President as a significant development that is likely to further support Bitcoin’s upward trajectory. With a favorable political climate and growing institutional adoption, he believes Bitcoin is poised to reach new heights in the coming year, potentially hitting $180,000.
This target would represent a remarkable 1,000% return from Bitcoin’s cycle bottom, making it one of the smallest cycles in the cryptocurrency’s price history. Despite the volatility in the market, Sigel remains optimistic about Bitcoin’s long-term outlook, citing strong technical indicators and overall bullish sentiment surrounding digital assets.
Overall, the forecast of Bitcoin hitting $180,000 within a year reflects the growing confidence in the cryptocurrency among institutional investors and the broader market. As Bitcoin continues to gain mainstream acceptance and support, its price trajectory is expected to remain upward, paving the way for significant gains in the near future.
