VanEck Chief Backs Bitcoin (BTC) $180K Climb

Matthew Sigel, the Chief Executive Officer of VanEck, anticipates that the price rally in Bitcoin (BTC) will persist, with a target of $180,000.

Matthew Sigel, the Chief Executive Officer of VanEck, recently expressed his optimism regarding Bitcoin. He stated that the current rally in Bitcoin is only the beginning, and he has established a price target of $180,000 for the upcoming cycle. Sigel identified numerous critical factors that bolstered the rally, such as institutional interest, favorable government changes, and historical patterns in BTC’s post-election performance.

The chief executive of VanEck anticipates that the Bitcoin price will reach $180,000 and that the rally is only beginning

Matthew Sigel, the Chief Executive Officer of VanEck, expressed his conviction that Bitcoin’s upward trajectory only commences during the CNBC interview. He anticipates that the cryptocurrency will reach $180,000 within this market cycle. Sigel identified several critical factors contributing to this expansion, beginning with the rise in institutional investment in Bitcoin.

He stated a growing interest among financial advisors in increasing their Bitcoin exposure. Sigel reported that his team has received an influx of inquiries from advisors who initially held minimal to no Bitcoin but are now seeking to increase their allocations significantly.

In addition, the VanEck Chief also identified favorable crypto regulatory changes in the U.S. as a critical factor in Bitcoin’s potential. He observed that the government, including crucial appointees in the new administration, is indicating a policy shift in favor of cryptocurrency via the presence of pro-Bitcoin officials.

Sigel underscored,

 “This is a state change in terms of government support. Look at this cabinet, the VP Attorney General, Director of Defense, National Security Advisor, and possibly even the Secretary of Treasury being pro-Bitcoin.”

Furthermore, Sigel proposed that the departure of SEC Chair Gary Gensler could further alleviate regulatory pressures on digital assets. He thinks this transition would terminate the “regulation by enforcement” era, thereby fostering a more conducive environment for the growth of Bitcoin and other crypto initiatives in the United States.

The SEC Chair’s resignation has become a heated topic, with several pro-crypto candidates in the spotlight. Robinhood’s Chief Legal Officer, Dan Gallagher, and SEC Commissioners Mark Uyeda and Hester Pierce are among the most prominent candidates to succeed Gary Gensler.

Post-Election Performance and Historical Patterns

VanEck Chief Sigel emphasized the historical post-election pattern of Bitcoin, which has previously experienced advances, in his reflection on past performance. He contrasted the current rally to the period that followed the 2020 election, noting that Bitcoin’s price doubled between November and early 2021.

Sigel also noted that VanEck’s indicators are presently “flashing green” for Bitcoin, indicating that it continues to experience upward momentum. These indicators encompass robust trading activity within the derivative markets and reduced inquiry interest relative to previous peaks, implying that the market has yet to reach speculative highs. He observed that these components demonstrate a consistent interest in Bitcoin without engaging in excessive speculation.

Bitcoin Price Action in the Presence of Bullish Indicators

Chief Executive Officer Matthew Sigel of VanEck anticipates that Bitcoin will surpass $180,000 during this cycle. Bitcoin achieved a new all-time high of $93,477 on November 13, representing a 30% increase in November and a 115% year-to-date increase.

Sigel noted that Bitcoin’s current trading position is above previous resistance levels, establishing it in “blue sky territory,” where no technical barriers exist. He suggested that the Bitcoin price may experience periodic corrections, similar to previous cycles, but he believes these will only temporarily affect its upward trajectory.

As indicated by recent BTC price predictions, technical indicators, and miner activity, Bitcoin is anticipated to experience a potential rally beyond the $100,000 threshold. Analysts emphasize that Bitcoin’s bullish breakout from a flag pattern formation indicates sustained upward momentum, while the 20- and 50-day EMAs offer immediate support levels.