Bitcoin has seen significant growth following the U.S. elections, and VanEck predicts further price increases.
Bitcoin's Rise Post-Election
According to VanEck, Bitcoin has surged over 30% since November 5 following the U.S. election. Matthew Sigel from VanEck noted that the cryptocurrency might reach new all-time highs in the coming months, with an ambitious target of $180,000 by next year, driven by increasing interest from investment advisors.
Parallels with 2020
Sigel reflected on Bitcoin's post-2020 election rally, anticipating a similar outcome this time around. VanEck sets the $180,000 target while acknowledging that the increase might be smaller than average previous runs. The company highlights increased demand signs, evidenced by rising search volumes and user interest in Coinbase.
Positive Indicators for Bitcoin
VanEck notes several positive indicators, such as growing investor interest. Although still not at levels seen in previous cycles, increasing advisor inquiries and retail engagement point to potential demand waves that could elevate Bitcoin further. Currently, Bitcoin is trading around $88,000, with a recent high of $93,490 on November 13.
With growing institutional and retail interest, many in the industry are watching to see if the $180,000 target will be achieved in the near future.
