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VanEck Sticks to $180,000 Bitcoin Price Target Amid Growing Institutional Support

VanEck Sticks to $180,000 Bitcoin Price Target Amid Growing Institutional Support

CryptodnesCryptodnes2024/11/24 22:11
By:Cryptodnes

Van Eck, a leading global investment firm, has maintained its ambitious Bitcoin price target of $180,000 for the current market cycle.

In their latest report , analysts Nathan Frankovitz and Matthe Sigel highlighted that the next phase of Bitcoin’s bull market is just beginning. They pointed to a supportive regulatory environment in the U.S. and growing institutional interest as key factors that could drive Bitcoin to this level in the next 18 months.

Bitcoin is approaching the $100,000 threshold, bolstered by speculation around Donald Trump’s potential reelection. Bitcoin’s recent surge saw it hit nearly $99,800, with analysts predicting it could reach the $100,000 mark within days if the momentum continues. At the time of writing, Bitcoin is trading at $98,500, just shy of setting a new record.

Van Eck also noted the rising funding rates for Bitcoin perpetual futures contracts, which have surpassed 10% as of November 11. These elevated rates indicate strong bullish sentiment and suggest short- to medium-term gains, although the report cautioned that sustained high rates could lead to market overheating, which could negatively impact long-term performance.

READ MORE:
Crypto Firm Declared Bankrupt with $1.75 Billion Debt Amid FTX Ties

While some market observers predict Bitcoin will easily surpass $100,000 by year-end, others warn of potential market corrections. Regardless of the near-term volatility, Van Eck’s $180,000 forecast underscores the firm’s belief in Bitcoin’s long-term potential as a dominant digital asset in the evolving global economy.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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