An analyst from a major cryptocurrency asset management firm believes that Bitcoin (BTC) is set to experience a significant surge in the coming months. Matthew Sigel, the head of digital assets research at VanEck, expressed this view in a recent interview with CNBC, stating that the upcoming election will serve as a crucial catalyst for the leading digital currency.

Sigel pointed out that the smallest-ever rally for Bitcoin during a cycle was a staggering 2,000%. Even if the upcoming rally achieves only half of that, which would be 1,000%, the price of Bitcoin could reach approximately $180,000.

Last month, Sigel argued that Bitcoin would benefit regardless of which political party wins the election. He believes that both Vice President Kamala Harris and former President Donald Trump would likely continue or increase fiscal spending, leading to further quantitative easing (QE). Historically, QE has had a positive impact on cryptocurrencies as an asset class.

In addition to short-term predictions, Sigel also outlined VanEck’s long-term forecast for Bitcoin. Their model assumes that by 2050, Bitcoin will become a reserve asset used in global trade and held by central banks around the world, with a modest weight of 2%. According to this model, Bitcoin could reach a price target of $3 million. Sigel clarified that while this may seem extreme, it actually represents a compound annual growth rate of 16% over a couple of decades, which is not unreasonable.

At the time of writing, BTC is trading at $72,310, showing a nearly 4% increase in the past 24 hours.

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