Matthew Sigel, head of digital asset research at VanEck, stated on CNBC that the current cryptocurrency rally is just beginning.
Bitcoin Growth Forecast
Sigel expects Bitcoin to log repeated all-time highs during the next two quarters. He notes that a similar pattern played out four years ago and anticipates a similar scenario this time.
Historical Analogy
In December 2020, Bitcoin exceeded its previous cycle's all-time high, doubling in price in less than a month. By January 2021, the cryptocurrency reached $40,000 for the first time, rising to nearly $60,000 in February following Tesla's investment.
Caution and Recommendations
Sigel warns market participants that Bitcoin's growth will not be linear, with corrections expected. However, major indicators are still flashing green. VanEck is receiving numerous calls from investment advisors keen to enter the Bitcoin market. The firm believes that the price could potentially reach $180,000 in this cycle, although it would be the smallest Bitcoin cycle so far.
Overall, Matthew Sigel and VanEck remain optimistic about the future of cryptocurrencies, particularly Bitcoin, predicting its rally will continue in the coming months.
