An analyst from a leading cryptocurrency asset management firm believes that Bitcoin (BTC) is poised for a significant surge in the coming months. Matthew Sigel, the head of digital assets research at VanEck, expressed his views in a recent CNBC interview, stating that the upcoming election will serve as a major catalyst for the top cryptocurrency.

Sigel pointed out that the smallest-ever rally for a Bitcoin cycle was a staggering 2,000%. He further emphasized that even if the upcoming rally achieves only half of that, which amounts to 1,000%, Bitcoin would reach a price of approximately $180,000.

Last month, Sigel argued that Bitcoin would benefit regardless of the election outcome. According to the VanEck executive, both major candidates, Vice President Kamala Harris and former President Donald Trump, are likely to maintain or increase fiscal spending. This, in turn, could lead to further quantitative easing (QE), a factor that has historically been bullish for cryptocurrencies as an asset class.

In the CNBC interview, Sigel also shared VanEck’s long-term prediction for Bitcoin. The firm’s model assumes that by the year 2050, Bitcoin will become a reserve asset used in global trade and held by global central banks at a modest 2% weight. Based on this model, VanEck arrived at a price target of $3 million for Bitcoin. Sigel acknowledged that this may sound extreme, but it translates to a compound annual growth rate of 16% over a couple of decades, which he considers to be a realistic projection.

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

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