- VanEck’s Matthew Sigel predicts Bitcoin will reach $180,000 next year, citing no technical barriers and historical patterns.
- U.S. political changes could foster crypto growth; plans for a Strategic Bitcoin Reserve may ease regulatory pressures.
MicroStrategy’s CEO, Michael Saylor, recently utilized his X platform presence to promote Bitcoin to his following of 3.6 million. Under the banner “Bitcoin is going ballistic,” Saylor continues to be a vocal proponent of Bitcoin, particularly during its recent price fluctuations.
Despite a momentary high above $90,000, Bitcoin’s price retreated to $89,140, reflecting a slight downturn in its otherwise bullish trajectory.
#Bitcoin is Going Ballistic pic.twitter.com/HRl3RMRS15
— Michael Saylor⚡️ (@saylor) November 14, 2024
Saylor shared an AI-generated image depicting himself as an astronaut, symbolizing his high aspirations for Bitcoin’s future. His enthusiasm didn’t stop there; he also teased plans for a “$100,000 Bitcoin party” anticipating the currency’s break above this monumental price point.
Planning the #Bitcoin 100K Party
— Michael Saylor⚡️ (@saylor) November 13, 2024
Amidst these developments, Matthew Sigel, head of digital assets at the investment firm VanEck, shared his insights on CNBC’s “Squawk Box.” Sigel projected a significant rally for Bitcoin, contradicting notions of a slowdown.
He pointed out that after a vigorous start to November, Bitcoin faced no technical barriers to further growth. Echoing patterns from four years prior, Sigel predicted continued strong performance, with potential price targets reaching as high as $180,000 next year.
Sigel highlighted the similarities to Bitcoin’s behavior in November 2020, when it doubled in value despite facing multiple corrections.
He expressed confidence in the ongoing rally, citing numerous positive indicators. According to Sigel, the trajectory for Bitcoin remains upward, bolstered by a supportive political environment in the U.S.
The shift in U.S. political leadership has introduced policies more favorable to cryptocurrencies. Notably, the potential creation of a Strategic Bitcoin Reserve and discussions around the SEC’s regulatory stance under Gary Gensler, who has been notably tough on crypto operations, signal a more crypto-friendly approach moving forward.
Sigel also noted the broader economic benefits of a thriving crypto sector, including job creation and positive impacts on the GDP as companies consider returning to the U.S. market.
The current price of Bitcoin (BTC) is $89,407 USD, showing a decline of 1.23% today.
Key Observations:
- Price Trend: Bitcoin remains in a strong uptrend despite today’s pullback, with a weekly gain of 18.21% and a monthly increase of 35.33%. Year-to-date, BTC is up 111.59%, reflecting robust market sentiment and demand.
- Market Capitalization: The market cap of Bitcoin is currently $1.77 trillion USD, with a 24-hour trading volume of $102.55 billion USD, suggesting active trading and high liquidity.
Technical Analysis
Bitcoin is approaching a key resistance level near $90,000 USD. If it breaks above this level, the next target would be the psychological milestone of $100,000 USD. However, if the price fails to hold, a correction towards support at $85,000 USD may follow.
