The price of bitcoin (BTC) may reach $180 thousand in the current growth cycle, which is likely to last until 2025. This opinion was expressed by Matthew Siegel, Head of Digital Asset Research at VanEck, in an interview with CNBC Squawk Box. He compared the current post-election rally in cryptocurrencies to the same period after the 2020 US presidential election.
«As we expected, bitcoin experienced a spike in high volatility after the election. We are now in the zone of a new high, without technical resistance, and we believe that over the next two quarters, bitcoin could repeatedly update its historical highs», — Siegel said, referring to the financial periods ending in March and June 2025.
Since the beginning of the US presidential election on November 5, the very first cryptocurrency has shown significant growth, breaking the $90 thousand mark. Currently, the price of bitcoin is about $89,182, and its dominance in the cryptocurrency market reaches about 60,94% of total capitalization.
Matthew Siegel also drew attention to historical parallels: between the 2020 elections and the end of the same year, bitcoin doubled its value, despite several corrections of 10%. The current rally has already shown an increase of 30%, and it also demonstrates similar trends.
Optimism about bitcoin is supported at the level of VanEck’s management. Recently, CEO Jan VanEck suggested that the value of BTC could reach $300 thousand if its capitalization is half that of the world’s gold reserves.
However, the analyst attributes the rise of bitcoin not only to Donald Trump’s victory in the US presidential election and his a plan to create a strategic reserve of 1 million bitcoins. There are also several key factors.