- Bitcoin’s price has surged 30% since the U.S. elections, driven by renewed investor interest.
- VanEck projects Bitcoin could reach $180,000 in 2024, citing positive market indicators.
- Google searches for Bitcoin and app downloads signal growing retail and institutional interest.
Bitcoin has surged following the recent U.S. elections, with investment manager VanEck forecasting its value could climb to $180,000 in 2024. Matthew Sigel, VanEck’s head of digital assets research, described the cryptocurrency as entering “blue sky territory,” with no technical resistance hindering its upward trajectory.
Speaking on CNBC’s Squawk Box on November 14, Sigel highlighted Bitcoin’s 30% increase since the pro-crypto presidential win on November 5. The cryptocurrency’s peak reached nearly $93,490 on November 13, per TradingView data.
Source: CNBC
Growing Institutional and Retail Interest
According to Sigel, calls from financial advisors seeking to initiate or expand Bitcoin exposure are increasing, indicating strong interest from the investment community. He likened the current trend to the post-2020 election rally when Bitcoin doubled in value within months.
VanEck’s analysis points to a potential price of $180,000 next year, which would represent a 1,000% return from Bitcoin’s cycle low. Sigel noted this would still make it the smallest cycle in Bitcoin’s history by percentage gains, suggesting significant growth potential remains.
Market Indicators Signal Further Growth
Sigel pointed out that several metrics monitored by VanEck indicate the rally could continue. Google Trends data shows search interest for “Bitcoin” has nearly tripled since early November, while app rankings for Coinbase reflect growing retail enthusiasm. Coinbase is now the top finance app on the U.S. Apple App Store and fifth in Google Play’s finance category.
With Bitcoin trading near $88,100 on November 15, market momentum remains strong, supported by institutional inflows and rising public interest.
