VanEck's Matthew Sigel Predicts Early Stages of Major Bitcoin Rally
In a recent appearance on CNBC's Squawk Box, Matthew Sigel, VanEck’s head of digital asset research, shared a bullish outlook on the cryptocurrency market, suggesting the current Bitcoin rally is just beginning. Sigel described Bitcoin as entering "blue sky territory," with no major technical barriers to halt its momentum. "We think it’s just getting started," he stated, predicting repeated all-time highs in upcoming quarters.
Sigel drew parallels to Bitcoin's 2020 bull cycle, where the cryptocurrency shattered previous highs and quickly doubled its value within weeks. After an 11% gain in October and a 7.25% rise in September, Bitcoin has surged by another 30% in November alone, setting a new high of $93,477 on November 13.
While Sigel acknowledged the potential for volatility with corrections of up to 10%, he emphasized the market's strong bullish sentiment. Growing interest from investment advisors seeking Bitcoin exposure has boosted demand, with VanEck receiving a notable increase in inquiries. "These calls are starting to accelerate, and we think the flows are gonna follow," Sigel said.
VanEck’s forecast suggests Bitcoin could hit $180,000 in this cycle, potentially marking the smallest cycle to date but with considerable growth potential still ahead. As Bitcoin's trajectory mirrors past bull cycles, excitement is building for what could be another record-setting period for the cryptocurrency.
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