Bitcoin price base case for 2025 is $180,000, VanEck’s Sigel predicts

by

As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find myself intrigued by the current Bitcoin price rally. Having witnessed the meteoric rise and fall of various assets, I’ve learned to never underestimate the power of market sentiment and institutional adoption.

This week, Bitcoin‘s price has persisted in a robust upward trajectory, leading numerous analysts to speculate that the surge might still have further potential for growth.

On Thursday, November 14th, Bitcoin (BTC) was priced at approximately $91,200, representing a staggering 115% increase in value this year. Notably, it surpasses the performance of widely recognized assets such as the Dow Jones Industrial Average, Nasdaq Composite’s top 100 companies index, and the S&P 500 stock market index.

During an interview on CNBC, Matthew Sigel, who leads VanEck’s digital assets division, expressed his belief that there is still potential for Bitcoin’s price increase to continue.

It’s predicted that the coin could hit new record highs multiple times in the upcoming quarters since the US election is over. Notably, Donald Trump, known for his pro-cryptocurrency stance, has appointed several individuals supportive of crypto, such as Matt Gaetz, JD Vance, Vivek Ramaswamy, Elon Musk, and Tulsi Gabbard, to key positions.

Additionally, some fresh faces in the U.S. House of Representatives have expressed supportive views towards cryptocurrencies. Sigel also highlighted that key markers his company follows are still showing positive signs. He anticipates that Bitcoin’s price might surge to a staggering $180,000, which is almost twice its current market value.

According to Polymarket’s assessment, there’s a good likelihood that Bitcoin could reach $100,000 this month. A survey involving more than 724,000 assets suggests a probability of approximately 56%.

Despite some optimism towards Bitcoin, it’s not universally accepted as a surefire investment. In a recent post, influencer Ali, with more than 81,000 followers, anticipates a temporary dip in the coin’s value. He attributes this prediction to the TD Sequential indicator, which currently shows a sell signal on its daily chart.

In much the same vein, Ki Young Ju, the creator of CryptoQuant, cautioned about the excessive leveraging in the perpetual market, potentially causing a significant drop.

The Bitcoin-Tether perpetual market shows a significant increase in leverage – currently standing approximately 2.7 times greater than earlier this year and reaching an unprecedented peak. I’ve verified the information, and it is indeed accurate. Proceed with caution.

— Ki Young Ju (@ki_young_ju) November 13, 2024

Bitcoin price rally has room to go on

Based on current trends, the daily analysis indicates a potential increase in Bitcoin’s value in the short term. It has surpassed a significant barrier at $73,777, which was its prior record high, as well as the neckline of an inverse head and shoulders formation.

The cryptocurrency Bitcoin recently displayed a “golden cross” formation, a pattern that typically precedes significant price increases. Particularly, the MVRV (Market Value to Realized Value) ratio has climbed up to 2.7. Typically, sell signals are triggered when this MVRV ratio spikes to 3.5.

Consequently, it’s more likely that Bitcoin’s value will continue to rise, aiming for a new high of $100,000. However, this forecast could change if the price drops below the support level at $85,000.

Read More

2024-11-14 17:19