VanEck says Bitcoin is poised to record “repeated all-time highs” in coming months and could reach $180K by next year.
“It is just getting started,” said VanEck’s head of digital asset research Matthew Sigel in a Nov. 14 interview with CNBC’s Squawk Box. He added that the market is now in “blue sky territory” with “no technical resistance.”
Number Of Calls To VanEck About BTC “Starting To Accelerate”
During the interview, Sigel said that VanEck has experienced an influx in the number of calls from investment advisers who are either not yet invested in BTC or want to increase their exposure in the leading crypto. He subsequently predicted that capital will soon flow into Bitcoin.
Sigel did, however, warn that a post-election dump may be in the cards for the flagship crypto. He noted that BTC’s price is currently displaying a similar pattern to that seen after the 2020 elections, when it doubled in the months between voting day and year-end.
Despite the warning, Sigel said that VanEck’s price target for BTC is still $180K. “We think we could reach that next year,” he added. If this prediction comes true, it would mark a “1,000% return from the bottom to the peak of this cycle,” according to Sigel. This would still be “the smallest Bitcoin cycle by far,” he said.
Spot Bitcoin ETFs End Their 6-Day Inflow Streak
US spot Bitcoin ETFs (exchange-traded funds) brought an end to their 6-day inflow streak yesterday. Data from Farside Investors shows that the funds recorded $400.7 million net outflows on Nov. 14.
Most of the outflows were posted by Fidelity’s FBTC, Bitwise’s BITB and ARK’s ARKB, with $179.2 million, $113.9 million and $161.7 million exiting these spot Bitcoin ETFs, respectively. Meanwhile, BlackRock’s IBIT kept its streak alive after investors added another $126.5 million to the fund’s reserves.
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