Originally published on: November 23, 2024
VanEck, a global investment manager, has reaffirmed its bold prediction that Bitcoin could reach a price of $180,000 during the current market cycle. In their recent Bitcoin report, analysts Nathan Frankovitz and Matthew Sigel expressed optimism about the future of the crypto market, stating that the next phase of the bull run is just getting started.
They attributed this positive outlook to a more favorable regulatory environment in the United States and increasing interest from institutional investors. With these factors in play, VanEck believes that Bitcoin has the potential to soar to new heights within the next 18 months.
The recent surge in Bitcoin’s price, which has seen it climb as high as $99,800, has been partly attributed to Trump’s election victory. At the time of writing, Bitcoin is hovering around $98,500, inching closer to the coveted $100,000 mark.
According to data from TradingView, Bitcoin’s rally has been fueled by elevated funding rates on perpetual futures contracts, indicating strong short- to medium-term momentum. Historically, heightened funding rates have been associated with higher returns over a 30 to 90-day period, reflecting a bullish sentiment in the market.
While some analysts predict that Bitcoin could surpass $100,000 by the end of the year, others believe it could happen even sooner. As market conditions continue to evolve, investors are closely watching for signs of a potential pullback.
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