As a seasoned researcher with over two decades of experience under my belt, I have witnessed countless market fluctuations and trends that have shaped the financial landscape. However, the current surge in Bitcoin’s price is unlike anything I’ve seen before. The record-breaking rise since the U.S elections has been nothing short of astonishing, and it seems we are only at the beginning of this extraordinary journey.
The significant surge in Bitcoin‘s value following the U.S. elections is predicted to persist, with investment management firm and product issuer VanEck aiming for a price of approximately $180,000 by the end of the next year.
Matthew Sigel, head of digital assets research at VanEck, stated during an interview with CNBC’s ‘Squawk Box’ on November 14, that it appears things are only beginning.
Currently, we find ourselves in an area with clear skies, lacking any significant barriers, which suggests that we might repeatedly reach new record highs within the upcoming six months,” he further commented.
Bitcoin (BTC) has experienced a surge of approximately 30% since November 5th. This upward trend in the cryptocurrency market follows the election of President Donald Trump, who is known to be favorable towards crypto. The digital currency has consistently set new records, with its current peak on November 13 reaching nearly $93,500 according to TradingView.
Bitcoin’s rally has slightly cooled as of Nov. 15, with it now trading around $88,100.
Sigel mentioned that the volume of calls he’s receiving from investment advisors, who either lack Bitcoin investments or wish to boost their holdings, is “increasing at a faster pace,” and he predicts that the inflow of funds will correspond accordingly.
According to Sigel, VanEck anticipates a price surge following the election, mirroring the trend observed after the 2020 elections where its value nearly doubled from the voting day up until the end of the year.
He stated that our goal is approximately $180,000. He believes we might achieve this milestone next year. If successful, it would represent a staggering 1000% increase from the cycle’s lowest point to its peak, making it the smallest Bitcoin cycle growth yet.
He claimed a number of indicators that VanEck tracks “are still flashing green for this rally to continue.”
The search volume for “Bitcoin” and the popularity of the Coinbase app in both Apple’s and Google’s app markets have yet to reach their peak levels, which were observed about four years back, Sigel noted.
As a researcher, I’ve noticed an intriguing trend in Google search data regarding Bitcoin. Searches for “Bitcoin” reached their highest point in May 2021, but since approximately early November, the curiosity surrounding this digital currency has almost tripled.
In the United States’ Apple App Store, Coinbase holds the number one spot among financial applications, and it ranks 16th across all categories. On Google Play, Coinbase is fifth in the financial app category and 66th overall, according to Appfigures.
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2024-11-15 06:19