As a seasoned researcher with a background in both traditional finance and digital assets, I’ve seen my fair share of market trends come and go. However, the current cryptocurrency rally feels unlike anything we’ve witnessed before. Matthew Sigel’s prediction that we’re only “getting started” resonates deeply with me.
On Thursdays, during an interview on CNBC’s “Squawk Box”, Matthew Sigel, who leads digital asset research at VanEck, expressed his belief that the current surge in cryptocurrencies is still in its early stages.
“We think that it’s just getting started…We are now in blue sky territory. No technical resistance,” Sigel said.
The analyst expects Bitcoin to log “repeated” all-time highs during the next two quarters.
Sigel pointed out that a similar sequence of events occurred four years ago. Following its record high at the close of the previous cycle on December 16, 2020, Bitcoin’s price more than doubled in less than a month. On January 7, 2021, it crossed the $40,000 threshold for the first time. Later in February 2021, Bitcoin spiked close to $60,000 after Tesla purchased some of the cryptocurrency.
In the past three months, Bitcoin has experienced a significant increase. In November alone, its value has climbed approximately 30%. This comes after an additional 11% gain in October and nearly 7.25% in September. On November 13th, it hit another peak at $93,477, as reported by CoinGecko’s data.
As a crypto investor, I’ve been advised by market analysts like Sigel that Bitcoin’s growth isn’t going to be a smooth upward trend, but rather, it will likely experience price corrections. Currently, though, most of the major indicators are showing positive signs. In the last cycle, as per Sigel’s analysis, there were approximately six instances where Bitcoin dropped by 10%. So, while we’re seeing green now, I’m mindful that these corrections could still occur.
He mentioned that there’s been an increase in calls coming from financial advisors seeking ways to invest in Bitcoin through VanEck. He further stated, “This trend is picking up pace, and we anticipate that investment inflows will follow suit.
According to VanEck’s perspective, it’s possible that the primary cryptocurrency, Bitcoin, might soar up to $180,000 in this particular cycle, making it the smallest cycle price-wise when compared to previous ones.
Read More
- EUR CAD PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- EUR ARS PREDICTION
- EUR MYR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD RUB PREDICTION
- POL PREDICTION. POL cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
2024-11-14 17:30