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VanEck’s recent report on Bitcoin projects a striking cycle price target of $180,000, buoyed by significant bullish indicators. As Bitcoin approaches the $100,000 mark following a vibrant post-election rally, the asset manager aligns this surge with the pattern observed in late 2020. This progression underscores an optimistic phase supported by growing institutional interest and a favorable regulatory climate.
Analyzing market sentiment, VanEck pointed to perpetual futures funding rates, which have remained above the 10% threshold since November 12, heralding strong short-to-medium term prospects. Additionally, the Relative Unrealized Profit (RUP) metric, currently at a promising level of 0.54, further confirms the market’s potential for growth without nearing the overheat point of 0.70, typically seen at cycle tops.
Retail interest in cryptocurrency is also climbing, with a notable leap in Coinbase’s App Store ranking and subdued yet rising search queries for “crypto.” This data suggests a widening base of retail investors ready to fuel the ongoing rally, potentially doubling Bitcoin’s value as projected by VanEck, marking a promising phase in cryptocurrency investment.
