VanEck, a prominent asset management firm overseeing $100 billion in assets, has projected Bitcoin’s price to reach $180,000 in the current market cycle. Matthew Sigel, VanEck’s head of digital assets research, expressed confidence in Bitcoin’s trajectory, stating, “We think it’s just getting started.”

Sigel highlighted the absence of technical resistance, indicating a favorable environment for Bitcoin’s growth. He noted, “We are now in blue sky territory, no technical resistance.”

The recent surge in Bitcoin’s value, which saw it approach $93,490 on November 13, has been partly attributed to pro-crypto sentiments following the U.S. presidential election.

VanEck’s ambitious target reflects a tenfold increase from the cycle’s lowest point, marking a significant milestone in Bitcoin’s market performance. Sigel emphasized that indicators tracked by VanEck “are still flashing green,” suggesting sustained momentum.

The firm also anticipates that Bitcoin could achieve repeated all-time highs over the next two quarters, driven by growing institutional interest and favorable political developments. Sigel mentioned receiving increased inquiries from investment advisors looking to expand their Bitcoin holdings.

In a long-term outlook, VanEck envisions Bitcoin becoming a reserve asset by 2050, potentially reaching a price of $3 million per coin. This projection assumes Bitcoin’s integration into global trade and central bank reserves at a modest 2% weight.

As of November 16, 2024, Bitcoin is trading at approximately $91,041, reflecting a slight decrease from the previous close. The cryptocurrency’s intraday high reached $91,914, with a low of $90,068.

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