Bitcoin (BTC) Price Target Set at $180,000 by VanEck, Market Still in Its Early Phases

In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

On financial news channel CNBC’s “Squawk Box” program, Matthew Sigel, Van Eyck’s director of digital asset research, predicted that Bitcoin’s current rally is still in its early stages.

So far this year, Bitcoin (BTC) has surpassed $93,000, up 150% from the beginning of the year, before experiencing a slight correction. Siegel expects Bitcoin to continue rising for at least another two quarters.

Government support changes and surge in institutional interest

Siegel compared Bitcoin’s current performance to 2020, when the asset doubled between the election and the end of the year.

Siegel said: “We have now entered uncharted territory with no technical resistance. We expect to see Bitcoin hit new all-time highs in the next two quarters.” He also pointed out that although the past upward cycle has experienced 6-10 pullbacks, but current market indicators monitored by van Eyck still show strong upward momentum.

A big factor driving Siegel’s optimism is what he calls “a change in the state of government support.” He emphasized that key figures in the incoming Donald Trump administration, such as the vice president, attorney general, and national security adviser, are all supportive of Bitcoin.

This shift, coupled with the expected end to the “regulate through enforcement” approach by agencies such as the SEC, could boost industry confidence and drive industry expansion. "We're already seeing the economic benefits," Siegel said, noting that the crypto project is planning conferences and opening new offices in the United States.

Institutional interest in Bitcoin is also growing. Siegel reported an increase in inquiries from investment advisers asking how to allocate 1-3% of their portfolios to Bitcoin, suggesting there may be capital inflows ahead.

Despite the sharp rise in Bitcoin prices, mainstream interest has yet to reach previous peak levels. “Google search and Coinbase app rankings remain below their all-time highs,” he noted, suggesting that Bitcoin has more room to rise.

Van Eyck predicts Bitcoin will hit $180,000

Van Eyk has set a price target for Bitcoin in this bull run of $180,000, a 1,000% upside from the market bottom.

Segal concluded by saying that even at this level, the current cycle is minimal compared to past cycles, which leaves room for continued optimism.

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