VanEck Chief Matthew Sigel Confident in Bitcoin Climb to $180K, Here’s Why

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As an experienced crypto investor with a keen eye for market trends, I find VanEck Chief Matthew Sigel’s bullish outlook on Bitcoin to be highly compelling. Having navigated several market cycles myself, I can attest that the current rally might just be the tip of the iceberg, given Sigel’s $180,000 price target for this cycle.

Matthew Sigel, head at VanEck, has expressed a positive viewpoint on Bitcoin. He believes that the current surge in Bitcoin’s price is merely the start, predicting a potential $180,000 value during the next market cycle. Sigel bases this optimism on various factors fueling the rise, such as growing institutional investment, positive changes in government policies, and traditional trends observed in Bitcoin’s post-election behavior.

VanEck Chief Sees Bitcoin Price to $180K as Rally “Just Getting Started”

In a recent CNBC interview, VanEck’s Chief Matthew Sigel conveyed optimism about Bitcoin’s surge, predicting it could climb up to $180,000 during the current market phase. Sigel highlighted various key factors fueling this growth, with one major contributor being the growing interest from institutional investors in Bitcoin.

As reported by him, there’s a growing curiosity among financial advisors regarding Bitcoin. Many of them are considering broadening their investment in the cryptocurrency. Sigel pointed out that his team has been experiencing an influx of calls from advisors who were previously unfamiliar or had minimal exposure to Bitcoin but are now looking to substantially boost their holdings.

Furthermore, the VanEck Chief pointed out that positive shifts in crypto regulations within the U.S. are vital for Bitcoin’s growth potential. He highlighted the presence of pro-Bitcoin officials in the government, particularly key appointees in the current administration, as an indication of a policy change leaning towards cryptocurrency acceptance.

Sigel emphasized,

This marks a shift in governmental backing towards Bitcoin. Notice the high-ranking officials, such as the Vice President, Attorney General, Defense Director, National Security Advisor, and potentially even the Secretary of the Treasury, who are advocates for Bitcoin.

Moreover, Sigel posited that the potential departure of SEC Chair Gary Gensler might ease regulatory scrutiny on digital assets. He is of the opinion that this change could signal the end of the “regulation through enforcement” period, thereby fostering a more welcoming atmosphere for Bitcoin and other cryptocurrency initiatives to prosper within the United States.

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 

Looking back at previous events, VanEck’s Sigel pointed out Bitcoin’s traditional pattern after elections, where it has historically seen growth. He drew a parallel between the current surge and the timeframe following the 2020 election, observing that the value of Bitcoin nearly doubled from November to early 2021.

Sigel pointed out that several signs being monitored by VanEck are now displaying a “green signal” for Bitcoin, indicating ongoing upward trends. Among these signals are lower-than-expected search activity compared to past peaks, implying the market hasn’t yet reached overly speculative levels, and vigorous trading in the derivative markets. He emphasized that this pattern demonstrates a sustained interest in Bitcoin without excessive speculation.

Bitcoin Price Action Amid Bullish Indicators

According to Matthew Sigel, the head at VanEck, Bitcoin’s value could peak at an astounding $180,000 during this current market cycle. On the 13th of November, Bitcoin hit a record high of $93,477, representing about a 30% increase in November and a staggering 115% growth so far this year.

Signal indicated that Bitcoin’s current market standing, above the earlier resistance points, has propelled it into an area devoid of any technical hindrances – often referred to as “open skies.” He forecasted that while Bitcoin’s price might experience occasional pullbacks, akin to past patterns, he expects these to be brief setbacks that won’t hinder its overall upward trend.

Based on current Bitcoin price forecasts, it’s anticipated that Bitcoin could surge past the $100,000 threshold. This prediction is bolstered by miner activity and technical signs. The analysts point out that Bitcoin’s bullish escape from a flag pattern formation indicates persistent upward energy, while the 20-day and 50-day Exponential Moving Averages (EMAs) offer temporary support levels.

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2024-11-14 19:28