Matthew Sigel, the head of digital assets research at VanEck, believes that Bitcoin (BTC) is set to experience a significant surge in the coming months. In a recent interview with CNBC, Sigel stated that the upcoming election will serve as a major catalyst for the top cryptocurrency.

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

Last month, Sigel stated that Bitcoin would benefit regardless of which party wins the election. He believes that both Vice President Kamala Harris and former President Donald Trump would likely maintain or increase fiscal spending, leading to further quantitative easing (QE). Historically, QE has been bullish for cryptocurrencies as an asset class.

In addition to short-term predictions, Sigel also shared VanEck’s long-term outlook for Bitcoin. According to their model, by 2050, Bitcoin could become a reserve asset used in global trade and held by central banks, with a modest weight of 2%. In this scenario, the price target for Bitcoin would be $3 million. Sigel acknowledged that this may sound extreme, but it represents a compound annual growth rate of 16% over a couple of decades, which is not unreasonable.

As of the time of writing, BTC is trading at $72,310, and it has seen a nearly 4% increase in the past 24 hours.

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