VanEck Projects Bitcoin's Continued Ascent with $180K Target

VanEck predicts that Bitcoin could reach new all-time highs in the coming months, with a potential surge to $180,000 by next year.

"The market is currently in 'blue sky territory' with no technical resistance," said Matthew Sigel, VanEck's head of digital asset research, in an interview with CNBC on November 14th.

Increased Investor Inquiries

VanEck has witnessed a notable increase in inquiries from investment advisors seeking to either enter the Bitcoin market or increase their existing exposure. Sigel anticipates a subsequent inflow of capital into the cryptocurrency.

Potential Post-Election Dip

While maintaining an optimistic outlook, Sigel cautioned that a post-election price dip may occur for Bitcoin. He observed similarities in its price behavior to that following the 2020 election, where it doubled in the subsequent months.

$180K Price Target Unchanged

Despite the potential for a short-term decline, VanEck's price target for Bitcoin remains $180,000. "We believe we could reach that next year," added Sigel. This projection represents a "1,000% return from the bottom to the peak of this cycle," and would mark the "smallest Bitcoin cycle by far."

Spot Bitcoin ETFs Break Inflow Streak

US spot Bitcoin ETFs (exchange-traded funds) ended their six-day inflow streak on November 14th. Data from Farside Investors indicates net outflows of $400.7 million. The largest outflows were experienced by Fidelity's FBTC, Bitwise's BITB, and ARK's ARKB. However, BlackRock's IBIT extended its inflow streak with a $126.5 million increase.