Global investment manager Van Eck has reiterated its Bitcoin (BTC) price target of $180,000 for the ongoing bull cycle. According to a Nov. 21 report by Van Eck digital asset analysts Nathan Frankovitz and Matthew Sigel, Bitcoin’s next growth phase has “just begun,” supported by improving U.S. regulations and heightened institutional involvement.
The bullish prediction aligns with Bitcoin’s (BTC) recent performance, as the cryptocurrency reached a 24-hour high of $99,800 and trades at $98,500 at publication, just shy of the $100,000 milestone.
Bullish Catalysts
Van Eck attributes Bitcoin’s (BTC) current rally partly to U.S. President-elect Donald Trump’s crypto-friendly policies, which have fueled market optimism. The analysts foresee sustained demand pushing BTC to $180,000 within 18 months as institutional interest intensifies.
Market Sentiment and Overheating Concerns
While short-term momentum remains strong, with perpetual futures funding rates surpassing 10%, Van Eck cautions that elevated rates could signal market “overheating.” Historically, such levels have correlated with strong 30- to 90-day returns but diminishing performance over 180-day and multi-year horizons.
“On days when funding rates exceed 10%, purchases tend to underperform after six months, with more pronounced declines over one- and two-year periods,” the analysts noted.
Outlook
With several analysts predicting Bitcoin (BTC) could exceed $100,000 within days, Van Eck’s target reinforces confidence in Bitcoin’s longer-term trajectory, even as short-term caution persists. As the bull market unfolds, market participants will monitor funding rates and regulatory developments for further insights, according to Cointelegraph report.
Current Bitcoin Price: $98,500
Key Resistance Level: $100,000