Matthew Sigel, head of digital assets research for the investment management firm VanEck, said bitcoin's price rally could continue well into 2025, in an interview on CNBC.
Sigel noted that bitcoin's recent price surge following President-Elect Donald Trump's nomination last week resembles the rally after the 2020 presidential election seating Democrat Joe Biden. Sigel estimated that bitcoin's price could double to $180,000 during this bullish cycle.
"As we expected, bitcoin saw this high volatility pump after the election. We’re now in blue sky territory, no technical resistance, and we think we’re likely to make repeated all-time highs over the next two quarters," Sigel said on CNBC's Squawk Box earlier this morning. The next two financial quarters end on March 31 and June 30 of 2025 respectively.
Bitcoin's price has skyrocketed since Election Day on Nov. 5. The first and largest cryptocurrency by market capitalization shattered through record highs of 80,000, $85,000 and $90,000 in a matter of days. Bitcoin is currently changing hands for around $88,500, according to The Block's price page. Its market dominance — the measure of bitcoin's market cap relative to all other cryptocurrencies — has slowly grown over the past year, and currently stands around 57%.
"The same patterns played out four years ago," Sigel said. "Between the election and the end of the year in 2020, bitcoin doubled. There were about six 10% corrections so it’s not going to be a straight line, but we’re up 30% so far, and a number of indicators that we track are still flashing green for this rally to continue."
Indeed, bitcoin's rally lasted months following the 2020 election. Starting on Nov. 6, 2020, bitcoin rose from about $15,000 to $29,000 by Dec. 31, 2020. The token's overall price surge peaked at $63,000 in April 2021 before falling back down, crypto price data shows.
"Our price target for this cycle is $180,000. We think we can reach that next year," Sigel said in the CNBC interview. "That would be 1,000% return from the bottom to the peak this cycle. That’s still the smallest bitcoin cycle by far."
VanEck CEO Jan Van Eck said earlier this month bitcoin's price could reach as high as $300,000, The Block previously reported. "My basic premise is ultimately bitcoin's value will be half of that of all the gold outstanding so you're talking about something like $300,000 for bitcoin," the executive said Nov. 8.
In the past 24 hours, bitcoin's price decreased 3.64%, and registered $115.8 billion in trading volume. The cryptocurrency is up roughly 115% since the beginning of the year.
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