- Matthew Sigel forecasts repeated all-time highs for crypto, mirroring post-election 2020 when Bitcoin doubled.
- Current trends suggest a robust rally with several indicators still supporting growth; Bitcoin could soar 1000% this cycle.
- Kaiko reports increased trading volumes and larger average trades, indicating rising institutional participation.
- US Spot Bitcoin ETFs now hold over 5% of total Bitcoin, underlining significant market engagement.
While Bitcoin is rallying to new highs daily, according to VanEck’s head of digital asset research, Matthew Sigel, the crypto party is just getting started. Speaking to CNBC earlier, Sigel said markets are currently in blue sky territory and without technical resistance, “we’re likely to make repeated all-time highs over the next two quarters”.
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That would take us right through to June 2025 and could be similar to 2020, when Joe Biden was elected and took office in January of 2021.
The same patterns played out four years ago. Between the election and the end of the year in 2020, bitcoin doubled. There were about six 10% corrections so it’s not going to be a straight line, but we’re up 30% so far, and a number of indicators that we track are still flashing green for this rally to continue.
Matthew Sigel, VanEckVanEck even believes that Bitcoin can reach US$180,000 (AU$278,897) by the end of this cycle, which, according to Sigel, would be one of the smallest bottom-to-peak performances – an indication that BTC is maturing slowly but steadily.
That would be 1,000% return from the bottom to the peak this cycle. That’s still the smallest bitcoin cycle by far.
Matthew Sigel, VanEckKaiko: Volume Rises as Momentum Grows
Analysts at Kaiko said in their most recent research note that crypto trading volumes have picked up substantially in the past 10 days, an indication of increasing market participation that could lead to a sustained rally.
Since November 5th, cryptocurrency trade volumes have increased meaningfully, reaching their highest levels since March. This increase indicates growing market participation and suggests that the rally may have further momentum.
Kaiko
Kaiko also noted an uptick in average trade size on exchanges like LMAX Digital, primarily used by institutions, suggesting increased activity from larger traders. However, they added that trade sizes haven’t yet matched the peaks observed in January.
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This comes as the US Spot Bitcoin exchange-traded funds (ETFs) have seen a surge in volume. Combined, the funds now hold more than 5% of the total Bitcoin supply.
The past few days, since Trump’s re-election, have seen some of the strongest trading days yet.
At the time of writing Bitcoin trades hands for US$88,176 (AU$136,422), a 5% correction from the all-time high.
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