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Global investment manager VanEck has reaffirmed its ambitious price target of $180,000 for Bitcoin, citing strong institutional interest and a friendlier regulatory environment in the United States.
In its latest Bitcoin report, released on November 21, analysts Nathan Frankovitz and Matthe Sigel declared that the crypto bull market is only in its early stages, with much room for growth in the next 18 months.
A pivotal factor behind this optimism is the election of President-elect Donald Trump, which has instilled renewed confidence in the crypto markets. Trump’s pro-Bitcoin rhetoric, coupled with expectations of progressive regulatory policies, has propelled Bitcoin to record highs.
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Over the past 24 hours, the leading cryptocurrency has touched $99,800, nearing the psychologically significant $100,000 mark. At the time of writing, Bitcoin trades at $98,500, just 1.5% away from setting a new all-time high, according to CoinMarketCap.
VanEck Shares Bullish Indicators
The VanEck analysts highlighted a critical shift in market behavior, noting that as of November 11, Bitcoin has entered a “new phase.” This phase is marked by funding rates on perpetual futures contracts exceeding 10%, a phenomenon historically associated with robust short- to medium-term price momentum.
“Elevated funding rates have typically been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand,” the report stated. Such conditions have emboldened predictions that Bitcoin could breach $100,000 within days or weeks. Some analysts believe that the cryptocurrency could trade well above this level by year-end.
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However, the analysts tempered their optimism by warning of the potential for diminishing returns over longer time horizons. Historically, purchases made when funding rates surpass 10% have shown weaker performance over six-month to two-year periods.
Riding the Institutional Wave
VanEck’s projection reflects the growing role of institutional investors in Bitcoin’s ascent. With spot Bitcoin ETFs now available in the U.S., alongside increased interest from hedge funds and family offices, the narrative of Bitcoin as a legitimate asset class has strengthened.
The report concludes with a call for cautious optimism. While $180,000 may seem ambitious, the combination of regulatory clarity, institutional demand, and strong market momentum provides a compelling case for Bitcoin’s continued rise. For now, all eyes remain on the imminent $100,000 milestone.
