Matthew Sigel, the President of VanEck, stated that Bitcoin 
$102,768 is still in the early stages of its current upward trend and aims for a price of $180,000 in the upcoming cycle. He identified several factors behind this positive outlook, including increasing institutional interest, favorable changes in government policies, and historical patterns of Bitcoin’s performance following elections.
Rising Institutional Interest
Sigel highlighted data indicating a growing interest in Bitcoin from financial advisors. He mentioned that many advisors plan to expand their Bitcoin portfolios, noting significant allocation requests from those who initially invested little or nothing in Bitcoin.
He pointed to positive developments in U.S. crypto regulations as a critical factor supporting Bitcoin’s potential. The presence of Bitcoin-friendly officials in the government, especially with recent key appointments, signals a policy shift favoring cryptocurrencies.
Historical Performance and Post-Election Trends
Sigel emphasized that Bitcoin has historically gained value during post-election periods. He noted that after the 2020 elections, Bitcoin doubled in value from November to early 2021.
“A shift in government support is taking place. It’s significant to see pro-Bitcoin positions among key appointments like the vice president candidate and the treasury secretary.” – Matthew Sigel
Sigel argued that the resignation of SEC Chair Gary Gensler could reduce regulatory pressures on crypto assets, creating a more favorable environment for Bitcoin and other cryptocurrencies. He expects positive impacts from pro-crypto approaches of new SEC leadership candidates.
Bitcoin Price Outlook
Matthew Sigel anticipates Bitcoin reaching $180,000 in this cycle. The cryptocurrency achieved a high of $93,477 on November 13, marking an approximate 30% increase, with a year-to-date growth of 115%.
Sigel noted that most indicators VanEck tracks are signaling positive trends, emphasizing that Bitcoin maintains sustainable interest without excessive speculation. These indicators include reduced search interest compared to previous peaks and strong trading activity in derivative markets.
In conclusion, Matthew Sigel’s confidence in Bitcoin is supported by factors such as institutional interest and government backing. Historical performance and current bullish indicators suggest a robust potential for Bitcoin moving forward.
