Bitcoin’s price surge since the United States elections has prompted bold forecasts, with investment manager VanEck setting its sights on a price target of $180,000 for the cryptocurrency by next year.
Bitcoin’s Bullish Trajectory Post-Elections
Bitcoin has risen approximately 30% since November 5, following a pro-crypto election victory for Donald Trump. As of November 13, Bitcoin hit an all-time high of $93,490, before slightly cooling to $88,100 on November 15. Matthew Sigel, VanEck’s head of digital assets research, expressed optimism about Bitcoin’s future, stating:
“It is just getting started. “We’re now in uncharted territory with no technical resistance, and we believe we’re likely to see repeated all-time highs over the next two quarters.”
Sigel suggests that Bitcoin’s rally mirrors the post-2020 election surge, where it doubled in value in just two months. With this pattern in mind, VanEck is eyeing $180,000 as its target for next year, projecting a 1,000% return from the cycle’s bottom to the peak.
Indicators Point to Continued Growth
VanEck has closely monitored several key metrics that signal the rally will likely persist. According to Sigel, both Google search volumes for “Bitcoin” and Coinbase’s app rankings in the app stores are showing upward trends, signaling growing interest in the cryptocurrency.
“Google Trends data indicates that search interest in ‘Bitcoin’ has nearly tripled since early November, although it is still well below its peak in May 2021,” Sigel pointed out.
Coinbase, which ranks as the top finance app in the US Apple App Store, further indicates that institutional interest in Bitcoin is on the rise.
The Bigger Picture for Bitcoin’s Market Growth
As VanEck anticipates a continued rally, it points to growing institutional engagement as a primary driver. Sigel reports a noticeable increase in calls from investment advisers who are either new to Bitcoin or looking to expand their exposure.
While Bitcoin’s current price is cooling slightly from its highs, many analysts, including Sigel, believe it is only a matter of time before the cryptocurrency surges once more. With the US election and broader market sentiment influencing its trajectory, Bitcoin’s rally could be just beginning.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
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