Investment management firm VanEck has rolled out a bullish projection for Bitcoin (BTC) amid recent price spikes. Bitcoin reached new high levels, with whales and institutional investors tipping massive price points this cycle. Market participants have predicted 100% returns mostly based on retail entrants, the derivative market, and on-chain factors. BTC price movement has impacted altcoins and meme coins, taking the total market cap above $3 trillion.
Bitcoin Is Just Getting Started
In a recent CNBC interview, Matthew Siegel VanEck’s Head of Digital Assets stated that Bitcoin is just getting started, setting the price target for this cycle at a massive $180,000. The asset’s price touched $93,000 after the United States elections, setting the tone for future price highs in this bullish cycle. According to Sigel, the market is now in blue-sky territory with no technical resistance to the price jump
The firm projects multiple all-time highs over the next two quarters as institutions and several governments become bullish on the assets. A major signal of a surge above 100% is the coin hitting new highs within the same cycle. Pro-industry regulations in the United States will set the stage for this rally following years of unclear rules. This was widened by the Securities and Exchange Commission’s frequent lawsuits against crypto firms.
At the moment, Donald Trump’s recent appointment sends positive signals to stakeholders. “several indicators that we track are still flashing green for this rally to continue. This is a state change in terms of government support. Look at the cabinet, the VP, the Attorney General, the National Security Adviser, and possibly even the Treasury Secretary being pro-Bitcoin… our target for this cycle is $180k. We think we can reach that next year.”
Bitcoin Frenzy Continues
After the United States elections, Bitcoin added to its Uptober rally sparking renewed bullish interests. Although slight corrections have been seen with the price at $88,157, weekly inflows remain strong at 15% while monthly figures stand above 30%. These gains have taken the asset’s market cap to $1.74 trillion while daily volumes are at $87 billion.
VanEck previously predicted a $2.9 million BTC price prediction by 2050, with the asset gaining popularity in new markets. According to the release, Bitcoin could settle 10% of international trade and 5% of domestic trade in 2050. If this happens, Bitcoin’s total market cap will soar to $61 trillion.
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