Bitcoin Resilient Amid Midterm Elections, VanEck's Sigel Predicts

Bitcoin's price could remain resilient even if Democrats regain power in the US, according to Matthew Sigel of VanEck.

Sigel believes that a four-year cycle and a wave of capitulation signals are stronger drivers of Bitcoin's price action than midterm elections. He notes that 'Biden was quite okay for Bitcoin' but also thinks altcoins may struggle more due to their lack of decentralization.

The decentralized and scarce nature of Bitcoin could remain attractive regardless of which party controls Washington, Sigel argues. This is based on VanEck's quantitative indicators, which showed all 12 of the company's capitulation signals flashed in the three months before Bitcoin's latest rally.