Vaneck's Sigel Sticks to $100k Bitcoin Target Amid Current Correction

Vaneck's head of digital assets research, Matthew Sigel, remains optimistic about Bitcoin's future. Despite the current price hovering near $79,000, he believes it will reach $100,000 by 2027 and a staggering $500,000 by 2029.

Sigel's predictions are based on his expectation of government accumulation, particularly with the proposed Bitcoin Act of 2024, which would direct the U.S. Treasury to acquire up to 1 million BTC by 2029, roughly 4.8% of total supply.

Vaneck's mid-August Chaincheck report found 8 of 12 signals flashing capitulation as of August 18, indicating potential investor exhaustion near cycle lows. However, Sigel argues that this is just noise within a multi-year uptrend.