Bitcoin is nearing $118,000 as VanEck's Head of Digital Assets Research, Matthew Sigel, forecasts continued growth into 2026. Sigel points out that the current market lacks the euphoria typical of market peaks, with moderate funding rates in Bitcoin futures and unrealized profits suggesting the rally is not overextended. While Bitcoin miners have benefited from AI computing ventures, Sigel cautions about potential market pullbacks. He advises monitoring market sentiment and U.S. political dynamics, including midterm elections and regulatory factors, as they could impact investor confidence. Despite these considerations, Sigel remains optimistic about Bitcoin's trajectory, supported by stable indicators and the traditional four-year cycle.