According to Matthew Siegel, the company's head of digital asset research, financial giant VanEck is actively buying Bitcoin (BTC).
In a recent interview with CNBC, Siegel highlighted that several significant sellers have lowered the price of Bitcoin.
“The German government has sold off its entire Bitcoin, amounting to $2 billion. The US government is also selling tokens related to the Silk Road case. In addition, creditors from two major bankruptcies, Mt. Gox and Genesis, were recently paid,” Siegel explained.
He noted that despite this sales pressure, Bitcoin often faces a seasonal pattern where it struggles for one to three months after the halving event that occurred in April.
Siegel also pointed out that as the market adjusts to the results of the upcoming election, there is an expectation of continued reckless fiscal policy for another four years. Historically, this is the point at which Bitcoin tends to gain momentum.
“At this point, we are buyers. We believe it will recover,” he added.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.