Bitcoin Could Surge to $180,000 This Year: VanEck Analyst

Bitcoin (BTC) could potentially surge to $180,000 this year, according to Matthew Sigel, the head of digital assets research at VanEck. In a recent interview, Sigel discussed the potential upside for Bitcoin, based on its historical performance during previous cycles.

Sigel believes that Bitcoin could increase by around 87% from its current level this year if it follows the pattern of the past three cycles. He noted that the most explosive part of the Bitcoin cycle typically occurs in the year following a halving event. The last halving took place in April 2021, and there was a significant price increase leading up to the U.S. presidential election.

Sigel's base case scenario suggests a 1,000% price return for this cycle, which would bring the Bitcoin price to approximately $180,000. He expects this peak to occur in the fourth quarter of this year. However, Sigel also mentioned that Bitcoin could potentially reach even higher prices over the medium term if it gains wider adoption as a reserve asset.

In the medium term, Sigel benchmarked Bitcoin against gold, specifically the 50% of the gold market used for speculative purposes. If Bitcoin can surpass that level, it could reach a price target of $450,000. At the time of writing, Bitcoin was trading at $96,173.