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VanEck says bitcoin is about to record “repeat all-time highs” in the coming months and could reach $180,000 next year.
“This is just getting started,” VanEck head of digital asset research Matthew Sigel said in a Nov. 14 article. interview with CNBC's Squawk Box. He added that the market is now in “blue sky territory” without “any technical resistance.”
<img decoding="async" src="https://www.vaneck.com/us/en/matthew-sigel-bitcoin-education-center.jpg” alt=”Matthew Sigel – Head of Digital Asset Research | VanEck”/>
Number of calls to VanEck about btc “starting to accelerate”
During the interview, Sigel said that VanEck has seen an influx in the number of calls from investment advisors who have not yet invested in btc or who wish to increase their exposure to the leading cryptocurrency. He later predicted that capital will soon flow into bitcoin.
However, Sigel warned that a post-election dump is possible for the flagship cryptocurrency. He noted that the btc price is currently showing a pattern similar to that seen after the 2020 election, when it doubled in the months between voting day and the end of the year.
Despite the warning, Sigel said VanEck's price target for btc remains $180,000. “We think we could reach that goal next year,” he added. If this prediction comes true, it would mark a “1,000% return from the bottom to the peak of this cycle,” according to Sigel. This would still be “the smallest bitcoin cycle by far,” he said.
bitcoin Spot ETFs End Their 6-Day Inflow Streak
US bitcoin Spot ETFs (exchange-traded funds) ended their 6-day inflow streak yesterday. Data of <a target="_blank" href="https://farside.co.uk/btc/”>Far Side Investors shows that the funds recorded net outflows of $400.7 million on November 14.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.9435483870968″>
US Spot <a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The ETFs now hold approximately ~1.07 million btc. As a group, they are likely to surpass Satoshi's estimated holdings of ~1.1 million btc in the coming days or weeks. pic.twitter.com/AKD7EBYPIZ
-James Seyffart (@JSeyff) <a target="_blank" href="https://twitter.com/JSeyff/status/1857089998614335761?ref_src=twsrc%5Etfw”>November 14, 2024
The most outflows were posted by Fidelity's FBTC, Bitwise's BITB, and ARK's ARKB, with $179.2 million, $113.9 million, and $161.7 million leaving these bitcoin spot ETFs, respectively. Meanwhile, BlackRock's IBIT kept its streak alive after investors added another $126.5 million to the fund's reserves.
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