VanEck's Sigel forecasts Bitcoin rally to $180K amid growing institutional interest.
Favorable U.S. policy changes may boost Bitcoin’s next market cycle, Sigel states.
BTC hit a new high of $93,477, surging 115% this year and showing no signs of slowing down.
VanEck’s Head of Digital Assets Research, Matthew Sigel, recently projected a significant upswing in Bitcoin’s price trajectory, targeting $180,000 in the upcoming cycle. During a CNBC interview, Sigel expressed confidence that the current rally is far from over, pointing to a mix of institutional interest and supportive U.S. policy shifts.
Bitcoin has shown impressive momentum recently, reaching an all-time high of $93,477 on November 13. This represents a 30% increase for the month and a substantial 115% gain year-to-date. Sigel believes this rally has more room to grow, driven by an influx of interest from financial advisors looking to broaden their Bitcoin exposure.
Sigel highlighted that institutional investment in Bitcoin has surged, particularly from financial advisors who previously held minimal exposure. According to him, VanEck has received numerous inquiries from advisors aiming to increase their Bitcoin allocations as the asset demonstrates resilience and long-term growth potential.
Besides institutional interest, Sigel emphasized the changing regulatory landscape in the U.S. He pointed out that the new administration appears more favorable toward Bitcoin, with several key officials known for their pro-crypto stance.
Sigel underscored the significance of recent cabinet appointments, including the Vice President and the National Security Advisor, who reportedly support cryptocurrencies.
Another factor driving Sigel’s optimism is the possible resignation of SEC Chair Gary Gensler, a move that could usher in a new era of regulatory clarity. Sigel suggested that Gensler’s departure could mark the end of the “regulation by enforcement” strategy that has impacted the crypto industry in recent years.
The potential for a more open regulatory framework could stimulate further growth for Bitcoin and other digital assets.
With several candidates rumored to replace Gensler, including SEC Commissioners Mark Uyeda and Hester Pierce, the regulatory environment could soon become more conducive to digital innovation. Sigel views these developments as pivotal for fostering broader institutional engagement in Bitcoin.
