VanEck Chief Matthew Sigel Projects Bitcoin’s Rise to $180,000, Citing Supportive U.S. Policies and Market Trends
Key Highlights:
- Matthew Sigel of VanEck predicts Bitcoin could hit $180,000 in the current market cycle.
- Bitcoin reached $93,477 on November 13, gaining 30% in November and 115% year-to-date.
- Pro-crypto government policies and market indicators are fueling Bitcoin’s upward momentum.
VanEck’s Chief, Matthew Sigel, has shared an optimistic forecast for Bitcoin’s price trajectory. He believes the cryptocurrency’s ongoing rally is just beginning, setting a target of $180,000 for this cycle. Sigel attributes this growth to increased institutional participation, supportive U.S. regulatory changes, and historical trends in Bitcoin’s post-election performance.
Bitcoin Rally Just Beginning: VanEck’s Perspective
In an interview with CNBC, Sigel expressed confidence in Bitcoin’s upward potential, driven by several factors. He highlighted the growing interest from financial advisors who are now looking to increase Bitcoin allocations, marking a significant shift from their earlier reluctance.
Sigel also pointed to favorable regulatory developments in the U.S. as a major growth catalyst. He noted that key pro-Bitcoin appointments in the new administration signal a positive shift in cryptocurrency policy.
He stated, “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 potentially even the Secretary of Treasury are pro-Bitcoin.”
Sigel further suggested that the potential departure of SEC Chair Gary Gensler could alleviate regulatory pressures, ending the “regulation by enforcement” approach. This would foster a more favorable environment for Bitcoin and other digital assets.
Historical Trends and Key Indicators
Reflecting on Bitcoin’s historical patterns, Sigel noted its strong post-election performance. He compared the current rally to the period following the 2020 election, where Bitcoin doubled in value within a few months.
Additionally, VanEck’s analysis highlights several bullish indicators, including reduced speculative activity compared to previous peaks and strong derivative market activity. These factors suggest that Bitcoin’s momentum is being driven by sustained interest rather than excessive speculation.
Bitcoin’s Price Action and Market Outlook
On November 13, Bitcoin reached a new all-time high of $93,477, marking a 30% gain in November and a 115% increase year-to-date. Sigel pointed out that Bitcoin’s current position above key resistance levels puts it in “blue sky territory,” with no immediate technical barriers.
While acknowledging the potential for short-term corrections, Sigel anticipates that Bitcoin’s long-term trajectory will remain bullish. Current market predictions indicate that Bitcoin could surpass $100,000, supported by miner activity, technical patterns, and key exponential moving averages (EMAs).
A Bullish Road Ahead
As Bitcoin continues its climb, VanEck Chief Matthew Sigel remains confident that the cryptocurrency will achieve new milestones, bolstered by institutional interest, supportive policies, and strong market fundamentals.
