VanEck Announces the Price Target for Bitcoin in the Present Market Cycle
VanEck, a global financial manager, has said again that it thinks Bitcoin will reach $180,000 at the peak of this cycle.
Nathan Frankovitz and Matthe Sigel, digital asset analysts at VanEck, declared in their most recent Bitcoin report on November 21 that the crypto bull market is only “just commencing” to transition into its next phase.
They predicted that Bitcoin (BTC) could reach $180,000 within the next 18 months as a result of the more lenient regulatory environment in the United States and the growing institutional interest.
VanECK, along with plenty of other market analysts, attributed the recent surge in Bitcoin’s price to the election victory of Donald Trump. The cryptocurrency has reached a high of $99,800 in the past 24 hours.
Bitcoin is currently trading at $98,500, a mere 1.5% away from surpassing the record price of $100,000 at the time of publication, as per TradingView data.
The elevated funding rates are indicative of inflation. On November 11, VanECK analysts disclosed that Bitcoin had entered a “new phase,” during which funding rates on perpetual futures contracts exceeded 10%.
However, they noted that the market is entering a phase in which investors are less inclined to pursue longer-term returns, such as those beyond one or two years, as funding rates continue to increase.
“At the 180-day mark, the average underperformance of purchases made on days when financing rates were above 10% began to increase, and this trend became even more pronounced over 1-year and 2-year periods.”
According to multiple analysts, Bitcoin is expected to trade at $100,000 or significantly higher by the conclusion of the year. Nevertheless, certain analysts have speculated that Bitcoin could easily surpass $100,000 within the next week, given the current market conditions.
