Analyst: Bitcoin currently has no technical resistance and may reach new highs in the next two quarters

Matthew Sigel, Head of Digital Asset Research at VanEck Investment Management Company, stated that the rise in Bitcoin's price could continue until 2025. Sigel pointed out that the surge in Bitcoin's price following President-elect Donald Trump's nomination last week is similar to the rebound after Democratic candidate Joe Biden was elected in the 2020 presidential election. Sigel estimates that during this bullish cycle, Bitcoin's price may double and reach $180,000.

As we expected, Bitcoin experienced a dramatic increase after the election. We are now in uncharted territory with no technical resistance; we believe that over the next two quarters, Bitcoin may repeatedly hit record highs - a pattern also seen four years ago. Sigel said between the 2020 election and year-end, bitcoin doubled its value. There were about six adjustments of 10% during this period so it won't be a straight line but so far we have already risen by 30%. Many indicators we track still show green lights indicating this upward trend might continue.