Bitcoin Resilient Despite Midterm Elections: VanEck

Matthew Sigel of VanEck believes that Bitcoin's (BTC) price action could remain resilient even if Democrats regain control in the US midterm elections. Speaking on CNBC, Sigel noted that while the election may create short-term volatility, he sees a four-year cycle and capitulation signals as stronger drivers of price action going forward.

Sigel stated that 'Biden was quite okay for Bitcoin,' but also warned that altcoins may struggle more. He attributed this to Bitcoin's decentralized and scarce nature, which could remain attractive regardless of which party controls Washington.

The VanEck executive pointed out that all 12 of the company's capitulation signals flashed in the three months before Bitcoin's recent rally, supporting the view that the crypto king may be nearing a cycle bottom. According to this framework, 2026 would represent a bottoming year, potentially during Q3 or Q4.

Sigel highlighted the magnitude of Bitcoin's five-day advance as a greater-than-three-standard-deviation event, which historically has been followed by strong one-year performance. However, he acknowledged that additional upside will require fresh capital and warned that Bitcoin could still enter a trading range or retrace some of its recent gains.