Dow 20,000 still 'very, very possible': Siegel

It's been a bumpy ride for the U.S. stock market lately, but it is still the dominant game for anyone who wants yield, protection or return, longtime bull Jeremy Siegel told CNBC on Wednesday.

Siegel, who has projected the Dow Jones industrial average could hit 20,000 this year, said it is still "very, very possible" that could happen.

The problem has been the steep decline in oil and the rise in the U.S. dollar.

"There can be too much, too fast, and I think the plummeting oil [and] the soaring dollar caused so much chaos in earnings projections," the Wharton School finance professor said in an interview with "Closing Bell."

"If we can get some stability in those factors I think the market can move ahead from this position."

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While some investors are looking toward Europe, where stocks are cheaper, Siegel warned there is still some risk that the euro will depreciate given that the European Central Bank hasn't begun its quantitative easing program yet.

That said, he thinks there are some opportunities there.

"You've got to be careful. If you can hedge obviously the euro decline, I think there are some attractive stocks there and certainly among the exporters."