Siebert Financial Analyst Sees Bitcoin (BTC) Above $175,000 in Coming Quarters

Siebert Analyst's $175,000 Bitcoin Call

Brian Vieten models digital-asset demand from inside a publicly traded brokerage, and the senior research analyst at Siebert Financial (NASDAQ: SIEB) used that vantage point on October 14 to publish a target few on the sell side will match: Bitcoin (BTC) should clear $175,000 over the coming quarters. The call landed while the Bitcoin (BTC) price slipped 3.3% over the past 24 hours, a move his framework treats as noise inside a longer cycle rather than a trend break.

The argument starts with who owns the asset. Since the crypto lending crisis of 2022, Vieten contends, ownership has spread across a wider slice of the Bitcoin market and credit has become easier to source, which leaves the asset less fragile in a severe drawdown than it was in earlier cycles. In commentary dated October 14 he put the shift bluntly: “Market structure has fundamentally shifted.”

The forecast rests on a three-factor valuation model that weighs money-supply growth, the adoption rate of digital wallets and demand for the cryptocurrency itself. His latest pass adds a structural layer on top: institutional holders and new financing arrangements now absorb the forced selling that drove previous breakdowns.

Exchange-traded funds (ETFs) form the core of that layer, and Vieten treats them as a more durable class of holder than the fast money that dominated prior cycles. In a September 1 interview he tied the improvement in sentiment to a short squeeze, a second leg under his case for a fresh price cycle. Diversified miners, corporate treasuries and more transparent exchanges complete the picture of lighter sell-side pressure; corporate holders in particular carry less leverage and face limited capital-expenditure needs, which removes two older sources of steady selling. The target is deliberately medium-term, several quarters out, long enough for the financing rails and the demand buildout he describes to compound.

Bank Loans Against IBIT Shares

The financing half of the thesis is where the market has visibly changed. Banks now lend against ETF shares, so qualified borrowers can pledge positions in BlackRock's iShares Bitcoin (BTC) Trust (IBIT) without selling them. JPMorgan's collateral program for Bitcoin ETFs surfaced in reporting in June 2025, and Vieten says several large banks, JPMorgan among them, now accept IBIT as collateral. That moves Bitcoin-secured credit into traditional institutions and extends financing beyond crypto-native platforms.

Strategy executive chairman Michael Saylor has voiced a comparable expectation that custody and lending will advance through financial institutions and regulators even while market-structure legislation stalls, and Vieten likewise rates the risk to digital-asset policy from November's midterm elections as limited.

Mining economics form the second strand. Vieten points to artificial intelligence and high-performance computing as potential funding sources for mining companies, easing the routine selling miners generate when they pay operating costs straight out of the market.

Stablecoins carry the demand side. The tokens are designed to hold a stable value, usually pegged to a fiat currency such as the dollar, and Vieten argues their wider use pulls users and liquidity toward blockchain-based finance and lifts demand for other digital assets. The reserve requirements under the GENIUS Act mandate at least 1:1 backing in qualified assets including cash, deposits and short-term Treasuries, and the law is expected to take effect on January 18, 2027. Vieten expects that expansion to support demand for short-term Treasuries, and he connects it directly to his target: “This is what pushes the price to $175,000 and higher over the coming quarters.” Samsung's pipeline shows how stablecoin transfers reach everyday consumers: an October 7 announcement scheduled the USDC function inside Samsung Wallet for the last week of October, covering 82 million US Galaxy devices with eligible transfers to bank accounts in more than 60 countries.

Read against the tape, the forecast is a structure trade rather than a flows trade. The near-term record argues for patience: US spot ETFs logged $678.9 million in net outflows for Oct 5-9, the market's $82,000 stabilization after hot CPI sits far below the target, and even a 21Shares strategist's $90,000 path before the Fed meeting stops short of Vieten's number. Bitcoin technical analysis frames consolidation, not a fresh leg up. The checkable milestone is legislative: if the GENIUS Act takes effect on January 18, 2027 with its 1:1 reserve rule intact, the stablecoin demand leg of the $175,000 case gets its first real test, and the analyst's several-quarter clock starts running from there.