Matthew Siegel, head of digital asset research at VanEck, remains optimistic about Bitcoin's price trajectory, suggesting a rally $BTC
just beginning.
Siegel made the claim during an interview on#CNBC In particular, he expressed his opinion on the future price movement of the world's largest cryptocurrency.
Bitcoin broke through the $90,000 mark yesterday, setting an all-time high (ATH) of $93,434. Bitcoin fell below the $90,000 mark shortly after the rally, with many investors speculating that the asset's uptrend may soon be over.
Bitcoin is just getting started
However, Siegel believes that Bitcoin's rally is just beginning, predicting that the leading asset will hit repeated all-time highs within the next two quarters. He mentioned that Bitcoin's recent price action is similar to what happened in the 2020/2021 market cycle.
Siegel noted that Bitcoin's price doubled in 2020 between the U.S. presidential election and the end of the year. He said Bitcoin only showed a 6-10% correction during that period, which he called an expected move.
Likewise, the VanEck boss noted that Bitcoin is repeating its 2020 pattern, which began with a post-election surge. He pointed out that Bitcoin has already risen 30% since the election, which supports the idea that BTC is just getting started.
Factors supporting Siegel's prediction
His confidence stems from the company's unique technical indicators, which confirm that Bitcoin is expected to continue its bullish streak.
He also mentioned the inevitable shift in government sentiment toward Bitcoin. He said Trump’s cabinet includes several pro-Bitcoin officials, from the vice president to the national security adviser.
VanEck Sets New Bitcoin Price Target
Following the bullish momentum around Bitcoin, Siegel predicts that it will trade at $180,000 by the end of this cycle. He expects this forecast to come true by next year.
Reaching the $180,000 target requires Bitcoin's price to rise 97.08% from its current value of $91,331. The $180,000 target is the latest prediction VanEck has made for the world's largest cryptocurrency.
On behalf of VanEck, Siegel has set various targets for Bitcoin. Last month, he predicted that Bitcoin could trade at $3 million per coin by 2050, with an annual growth rate of 16%.
