1 week ago
13
VanEck Chief Matthew Sigel recently shared a bullish outlook on Bitcoin. He indicated that Bitcoin’s ongoing rally is just the beginning, with his firm setting a price target of $180,000 for the next cycle. Sigel cited several key drivers supporting the rally, including increased institutional interest, favorable shifts in government, and historical patterns in BTC post-election performance.
VanEck Chief Sees Bitcoin Price to $180K as Rally “Just Getting Started”
During the CNBC interview, VanEck Chief Matthew Sigel expressed confidence that Bitcoin’s rally is only beginning, expecting the cryptocurrency to reach $180,000 within this market cycle. Sigel pointed to several crucial factors driving this growth, starting with increased institutional investment in Bitcoin.
According to him, interest from financial advisors is rising, with many looking to expand their Bitcoin exposure. Sigel mentioned that his team has been receiving a surge of calls from advisors who initially held little to no Bitcoin but are now aiming to increase their allocations significantly.
In addition, the VanEck Chief also identified favorable crypto regulatory changes in the U.S. as a critical factor in Bitcoin’s potential. He noted that pro-Bitcoin officials in the government, including key appointees in the new administration, signal a policy shift supportive of cryptocurrency.
Sigel emphasized,
“This is a state change in terms of government support. Look at this cabinet, the VP Attorney General, Director of Defense, National Security Advisor, and possibly even the Secretary of Treasury being pro-Bitcoin.”
In addition, Sigel suggested that the departure of SEC Chair Gary Gensler could further reduce regulatory pressures on digital assets. He believes this shift would end the “regulation by enforcement” era, creating a more favorable environment for Bitcoin and other crypto projects to thrive in the U.S.
The resignation of the SEC Chair has become a hot topic, with several pro-crypto candidates in the spotlight. Leading contenders who will replace Gary Gensler include Robinhood’s CLO Dan Gallagher, SEC Commissioners Mark Uyeda, and Hester Pierce.
Historical Patterns and Post-Election Performance
Reflecting on past performance, VanEck Chief Sigel highlighted Bitcoin’s historical post-election pattern, where the cryptocurrency has previously experienced gains. He compared the current rally to the period following the 2020 election, noting that Bitcoin doubled in price between November and early 2021.
Sigel also mentioned that multiple indicators tracked by VanEck are currently “flashing green” for Bitcoin, suggesting continued upward momentum. These indicators include reduced search interest relative to previous peaks, suggesting that the market has yet to reach speculative highs, as well as robust trading activity within the derivative markets. He noted that these elements reflect sustained interest in Bitcoin without excessive speculation.
Bitcoin Price Action Amid Bullish Indicators
VanEck Chief Matthew Sigel expects Bitcoin to reach a high of $180,000 in this cycle. On November 13, Bitcoin reached a new all-time high of $93,477, gaining approximately 30% in November and 115% year-to-date.
Sigel pointed to Bitcoin’s current trading position above previous resistance levels, which has put it into “blue sky territory,” where no technical barriers are in sight. He suggested that Bitcoin price may encounter periodic corrections, similar to previous cycles, but anticipates that these will only temporarily affect its upward trajectory.
According to recent BTC price predictions, Bitcoin is positioned for a potential rally beyond the $100,000 mark, supported by miner activity and technical indicators. Analysts highlight that Bitcoin’s bullish breakout from a flag pattern formation suggests sustained upward momentum, while the 20- and 50-day EMAs provide immediate support levels.
The post VanEck Chief Matthew Sigel Confident in Bitcoin Climb to $180K, Here’s Why appeared first on CoinGape.
English (US) ·