- Matthew Sigel predicts that Bitcoin’s bull market will continue for at least two quarters.
- Institutional interest is growing, with advisors considering a 1-3% Bitcoin allocation.
- VanEck targets Bitcoin at $180,000 and expects it to rise 1,000% from the market low.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, head of digital asset research at VanEck, predicted that the current Bitcoin rally is in its early stages.
Bitcoin (BTC) recently surpassed $93,000 and has undergone a bit of a correction after posting a significant 150% gain this year, and Sigel expects continued growth for at least two more quarters.
Changes in government support and rapid increase in institutional interest
Sigel compared Bitcoin’s performance in 2020, when the asset doubled in value between the election and the end of the year.
“We are now in uncharted territory where there is no technological resistance. We expect to hit new all-time highs over the next two quarters,” Sigel said. He also pointed out that while previous rallies have included six to 10 corrections, current market indicators monitored by VanEck still indicate strong upward momentum.
An important factor behind this positive outlook is what Sigel describes as “a national shift in government support.” He emphasized that key figures in the incoming Donald Trump administration, including the Vice President, Attorney General, and National Security Advisor, support Bitcoin.
These changes, along with the expected end to “regulation by enforcement” from agencies like the SEC, could increase confidence and expansion in the industry. “We are already seeing economic benefits,” Sigel said, noting that the cryptocurrency project is planning a U.S.-based conference and opening a new office.
Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors looking to allocate 1-3% of their portfolios to Bitcoin, signaling a possible future influx of capital.
Despite the price surge, mainstream interest has yet to reach previous highs. “App rankings on Google Search and Coinbase are still below historical highs,” he noted, suggesting more room for growth.
VanEck predicts Bitcoin could reach $180,000.
VanEck sets a Bitcoin price target of $180,000 for this bull cycle, which would represent a 1,000% increase from the market bottom.
Sigel concluded that even at this level, the current cycle will be the smallest compared to past cycles and there is room for continued optimism.