Bitcoin Price Rally Forecast

Matthew Sigel, head of digital assets research at VanEck, predicts a continued price rally for bitcoin into 2025 during a CNBC interview.

Sigel compared the recent surge in bitcoin's price, prompted by Donald Trump's election nomination, to the rally following the 2020 election of Joe Biden. He forecasts that bitcoin's price could double, reaching $180,000 in this bullish cycle.

> “As we expected, bitcoin saw this high volatility pump after the election. We’re now in blue sky territory, with no technical resistance. We believe we will set repeated all-time highs over the next two quarters,” Sigel stated on CNBC's Squawk Box. The upcoming quarters end on March 31 and June 30, 2025.

Since Election Day on November 5, bitcoin has soared past record highs of $80,000, $85,000, and $90,000 within days, currently trading around $88,500. Its market dominance has increased and now stands at 57%.

“The same patterns played out four years ago. Between the election and the end of 2020, bitcoin doubled. There will be six 10% corrections, so it won’t be a straight line, but we are up 30% so far, and indicators are still showing green for continued rally,” Sigel explained.

Historically, after the 2020 election, bitcoin's price rose from about $15,000 on November 6 to $29,000 by December 31, 2020, eventually peaking at $63,000 in April 2021 before a price drop.

“We’re targeting $180,000 this cycle, which represents a 1,000% return from the bottom to peak,” Sigel said.

Additionally, VanEck CEO Jan Van Eck has stated that bitcoin could potentially reach $300,000, equating its value to half of all gold in circulation.

Over the past 24 hours, bitcoin’s price decreased by 3.64%, with a trading volume of $115.8 billion. However, bitcoin has increased by approximately 115% since the beginning of the year.