CandleFocus VanEck Head of Research Identifies “Very Bullish Setup” for Bitcoin Ahead of US Election
2024-10-28
Author: Content Editor
With the U.S. elections approaching, market experts, including VanEck's Matthew Sigel, are discussing Bitcoin's potential trajectory. Sigel addressed Bitcoin's correlation with the Nasdaq and the "Magnificent 7," acknowledging that recent correlations have been concerning for some investors. However, VanEck still sees the current setup as highly bullish for Bitcoin, drawing parallels to 2020 when Bitcoin rallied after the election results were confirmed. Sigel believes that new buyers could enter the market post-election, leading to a price surge. He also mentioned that a possible post-election U.S. sovereign debt downgrade by Moody's could further catalyze Bitcoin's rise. Sigel emphasized that Bitcoin's correlations change over time, making it difficult to predict its short-term correlations. He highlighted the growing interest in Bitcoin from emerging market countries, such as the addition of new members to BRICS nations. Sigel mentioned that these countries could eventually trade with Bitcoin, while questioning what the U.S. will be doing. Regarding price predictions, Sigel affirmed that Bitcoin could reach $100,000 or even $200,000 in the future, based on the historical trough-to-peak rallies. He believes that the post-election period will be a significant catalyst for Bitcoin's price movement.
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