Tag: Research

Head of research at VanEck predicts Bitcoin bull run is just getting started
- Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters.
- Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations.
- VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.

Change in government support and surge in institutional interest

Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.

“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.

A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.

This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.

Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.

Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.

VanEck projects Bitcoin could hit $180,000

VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.

Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.

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November 15, 2024
Head of research at VanEck says Bitcoin bull run is just getting started
- Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters.
- Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations.
- VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.

Change in government support and surge in institutional interest

Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.

“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.

A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.

This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.

Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.

Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.

VanEck projects Bitcoin could hit $180,000

VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.

Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.

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November 15, 2024
K33 Research cautions Mt. Gox’s imminent $9B payout could impact Bitcoin (BTC)
- Gox to distribute 142,000 BTC and 143,000 BCH, valued at over $9 billion, to creditors.
- The payout process could commence as early as next month.
- All eyes are on the impact of the payout on Bitcoin and Bitcoin Cash price especially after the bitcoin halving event.
Mt. Gox, once a major player in the cryptocurrency exchange scene, faced a devastating hack in 2014, leading to its collapse. Now, nearly a decade later, the defunct exchange is preparing to distribute a significant sum of digital assets including approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), amounting to over $9 billion in total, to creditors.

This impending payout has prompted concerns among market observers, with K33 Research highlighting the possibility of a negative impact on the price of Bitcoin in a report released on Tuesday.

According to the analysts, the influx of Mt. Gox coins into the market could create downward pressure on BTC valuation in the coming weeks.

Possible implications for Bitcoin (BTC) price

K33 Research analysts have highlighted concerns that the influx of Mt. Gox’s digital assets into the market could exert downward pressure on Bitcoin’s price in the coming weeks. While creditors may not immediately liquidate their assets, the anticipation surrounding the payout could instil caution among investors, potentially dampening market sentiment.

Creditors recently received updates on their BTC and BCH claims, indicating that payments could commence sooner than initially anticipated. This development, coupled with the looming deadline set by Mt. Gox trustees for reimbursements, has intensified speculation within the crypto community.

Market observers remain divided on the potential impact of Mt. Gox’s payout on Bitcoin’s price. While some believe that creditors may opt to hold onto their funds, others fear that the sheer volume of digital assets entering the market could trigger a sell-off, leading to a temporary downturn in prices.

Despite the uncertainty surrounding Mt. Gox’s payout, the crypto market continues to show resilience in the face of external pressures. However, investors are advised to exercise caution and closely monitor developments related to the distribution process to mitigate any adverse effects on their portfolios especially according to the K33 Research analysts warning.

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April 23, 2024