Investment giant VanEck’s head of cryptocurrency research, Matthew Sigel, has expressed his bullish expectations for Bitcoin (BTC). The expert mentioned that Bitcoin, which started 2024 strongly, could reach its all-time high within the year.
Bitcoin’s Price Target
In his latest statements, Matthew Sigel said that Bitcoin, the leading cryptocurrency, could exceed its all-time high of $69,044 this year, adding:
“So this year looks like a solid one. We think Bitcoin will reach an all-time high in the 4th quarter, like after a contentious election. A record number of global citizens are voting in this year’s elections; the rate is almost over 50%. This is the highest level ever; these elections, with a 200-year history, bring many opportunities for change, disruptions, and more Bitcoin-friendly policies.”
Factors Driving Bitcoin’s Rise
Additionally, according to Matthew Sigel, various factors were responsible for the gains Bitcoin made at the end of last year. He also provided country-specific warnings. The expert said:
“In our view, this bull cycle is very much ahead of us, the rise in November and December was as much related to exchange-traded fund (ETF) inflows as it was to a weak dollar. There were many macro contributors to the weak dollar narrative with the expansion of the BRICS group as five more countries joined BRICS. You had Nigeria reversing previous bank bans; banks were not allowed to do business with crypto companies. Now they are. There was a Saudi cleric who declared Bitcoin permissible in this new declaration. Then there was the momentum in Argentina where Bitcoin is legal for all intents and purposes for contract settlement.”
At the time this article was written, Bitcoin is trading at the level of $42,660.
