Van Eck, a global investment manager, has reiterated its ambitious Bitcoin price target of $180,000 for the current market cycle.
In their most recent Bitcoin report, which was published on November 21, analysts Nathan Frankovitz and Matthe Sigel declared that the crypto bull market is only just beginning to enter its next phase. They emphasized that Bitcoin (BTC) could reach this milestone within the next 18 months as a result of factors such as a growing institutional interest and a favorable regulatory environment in the United States.
The optimism that ensued subsequent to Donald Trump’s reelection victory has contributed to the recent increase in Bitcoin’s value. In the previous 24 hours, Bitcoin (BTC) reached a high of $99,800, which was tantalizingly near the $100,000 point. According to TradingView data, Bitcoin is currently trading at $98,500, which is a 1.5% decrease from its previous all-time high. If the current momentum persists, analysts have proposed that Bitcoin could surpass $100,000 within the next few days.
Van Eck’s report emphasized a substantial market shift, indicating that funding rates for Bitcoin perpetual futures contracts have surpassed 10% as of November 11. Strong bullish sentiment and increased short- to medium-term momentum are frequently indicative of elevated funding rates. In the past, these conditions have been associated with increased returns within the 30- to 90-day timeframe. Nevertheless, the report also cautioned that the market could overheat if funding rates remain elevated for an extended period. Investments made during such periods have demonstrated underperformance over extended periods, particularly one to two years.
Bitcoin’s immediate trajectory is the subject of disagreement among market analysts. Although some believe that BTC will confidently surpass $100,000 by the end of the year, others warn against potential corrections. Nevertheless, Van Eck’s $180,000 objective is indicative of its conviction in Bitcoin’s capacity to serve as a preeminent digital asset in a financial environment that is undergoing a rapid transformation.
Also Read: South Korea’s Upbit Exchange distributes 8.5 billion won to victims of a crypto fraud
Wallets