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

Odaily News Matthew Sigel, head of digital asset research at VanEck Investment Management, said Bitcoin's price rally could continue into 2025. Sigel noted that Bitcoin's price surge following President-elect Donald Trump's nomination last week is similar to the rally that followed the 2020 presidential election when Democratic candidate Joe Biden was elected. Sigel estimates that Bitcoin's price could double to $180,000 during this bullish cycle. "As we expected, Bitcoin experienced a wild and volatile rally following the election. Now that we are in blue sky territory with no technical resistance, we think Bitcoin could hit new all-time highs over the next two quarters." "The same pattern happened four years ago," Sigel said. "Between the 2020 election and the end of the year, Bitcoin doubled. There were about six 10% corrections, so it won't be a straight line, but we are up 30% so far and many of the indicators we track are still showing green lights, which suggests that this rally could continue." (The Block)