Originally published on: November 23, 2024
According to global investment manager VanEck, Bitcoin is on track to reach a price target of $180,000 at the peak of the current market cycle. Analysts Nathan Frankovitz and Matthew Sigel stated in a recent report that the next phase of the crypto bull market is just beginning, fueled by a more favorable regulatory environment in the U.S. and increased institutional interest.
With Bitcoin currently trading at $98,500, VanEck’s analysts believe that the price could surge to $180,000 within the next 18 months. They attribute this potential spike to various factors, including the recent U.S. election results and ongoing market trends.
VanEck’s report highlights a shift in Bitcoin’s momentum, evidenced by elevated funding rates on perpetual futures contracts. Historically, these high funding rates have indicated stronger short- to medium-term momentum, leading to bullish sentiment and increased demand for the cryptocurrency.
While many analysts are optimistic about Bitcoin’s future price movements, some caution that the market may enter a phase where longer-term returns are less favorable. Despite this, the overall outlook for Bitcoin remains positive, with expectations of surpassing $100,000 in the near future.
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