VanEck's Matthew Sigel Predicts Bitcoin Rally Is Just Beginning, Eyes $180K Target
In a recent appearance on CNBC's Squawk Box, Matthew Sigel, head of digital asset research at VanEck, expressed confidence that the current cryptocurrency rally is only in its early stages. According to Sigel, Bitcoin is now in "blue sky territory," with no significant technical resistance in sight. "We think it’s just getting started," Sigel stated, anticipating that Bitcoin could achieve repeated all-time highs in the coming quarters.
Drawing comparisons to the previous bull cycle, Sigel highlighted that a similar pattern occurred four years ago. In December 2020, Bitcoin broke past its previous high and quickly doubled its value, reaching $40,000 in early January 2021. The rally accelerated further in February of that year after Tesla’s investment announcement, pushing Bitcoin to nearly $60,000. Currently, Bitcoin is following a similar trajectory, gaining about 30% in November after monthly increases of 11% in October and 7.25% in September. Bitcoin achieved a new record high of $93,477 on November 13.
Despite the bullish outlook, Sigel reminded investors to expect volatility, noting that previous cycles saw multiple 10% corrections along the way. However, he emphasized that market indicators remain overwhelmingly positive. The interest from investment advisors looking to gain Bitcoin exposure is also growing, with VanEck fielding an increasing number of calls. Sigel remarked, “These calls are starting to accelerate, and we think the flows are gonna follow.”
VanEck’s projections suggest Bitcoin might reach $180,000 within this cycle, which would still mark it as the smallest cycle “by far.”