Bitcoin seen as undervalued with $160,000 target based on gold and stock market metrics.

Matthew Sigel of VanEck suggests Bitcoin is undervalued at around $81,000 and could rise to $160,000 to align with the Bitcoin-to-gold ratio and the Buffett Indicator, which compares stock market value to GDP. Bitcoin's current ratio to gold is about 17x, below the historical 35x level seen during high equity valuations. Sigel also maintains a long-term target of $1 million for Bitcoin within five years, citing demographic trends and institutional adoption. Recent Bitcoin gains appear driven by macroeconomic factors and short covering, with market positioning still negative, indicating potential for further upside.