Global investment manager Van Eck has reiterated its ambitious $180,000 Bitcoin price target at the peak of the ongoing cycle. According to its latest Bitcoin report released on Nov. 21, analysts Nathan Frankovitz and Matthew Sigel believe the current crypto bull market is just beginning, with monumental gains ahead within the next 18 months.
Bitcoin has surged dramatically following pro-crypto Donald Trump’s election victory, reaching as high as $99,800 and recently trading at $98,373.56. Analysts credit Trump’s election as a pivotal catalyst, with Sigel suggesting a bullish trend may bring repeated all-time highs over the next two quarters. Bitcoin’s ascent above $90,000 underscores its resilience amid broader market volatility.
Michael Saylor, executive chairman of MicroStrategy, described unwavering confidence in Bitcoin as the “hardest money on earth” and advised individuals and corporations to convert assets into BTC. He urged borrowing or mortgaging assets to buy Bitcoin and advised employees to push employers to convert cash treasuries into Bitcoin for higher returns.
Institutional Adoption and Accelerating Demand
Sigel demonstrates that another interesting aspect of Bitcoin’s current cycle is the boosting activity from institutional investors. He observed such a trend from investment advisors keen to allocate 1 to 3% of assets to BTC. Furthering the institution-level uptake is another positive factor in price momentum and improves the political and regulatory setup.
Sigel saw a rise in the support for digital assets during the Trump presidency and suggested this was a key point for more government support in the future. The analysts also emphasized that the funding rates for BTC perpetual-futures contracts have already reached high levels, indicating short- and medium-term momentum. Traditionally, these parameters align positively with the returns on the 30 to 90-day observation values, creating an optimistic market outlook.
Van Eck analysts remain cautious about long-term funding rate trends, however. They warned that elevated rates could lead to underperformance over one or two years. Despite this, the near-term outlook remains positive, with Bitcoin likely to breach $100,000 by year-end, per multiple market analysts, as per tradingview data.
Bitcoin’s Optimistic Surge Towards New Highs
The movements of Bitcoin in the last hundred days do appear quite similar to how it performed after the US elections of 2020, when the asset’s price nearly doubled, albeit with very severe fluctuations along the way. At this point, though, Sigel also anticipates that it is part of a new trend that will gain momentum in the forthcoming quarters. According to Sigel, the best estimate is that BTC, as it exits its cycle, might be able to appreciate by almost 1000%, and that, too, will be the lowest in the last 16 years.
By November 13, Bitcoin had busted through 93000 before it sank to 88723, but it had increased by 145% over one year. Sigel said that ‘blue skies’ are free from technical resistance. This bright outlook is also supported by the forceful moves away from institutions and the integration of Bitcoin into the international economy.
Analysts share common views of continued volatility. A prediction such as $180,000 by Van Eck can be considered bullish and gives reasons for the currency to perform well in the market. Investors have grasped the volatility of risk assets. They are very confident about the uptrend in trends and timing that BTC will redefine the space of the crypto market and attain mass acceptance and dominance as one of the most potent assets of its class.
Bitcoin is currently trading at $98,373.56, reflecting a 0.37% daily gain. Its market cap stands at $1.95 trillion, a 0.56% increase, while the fully diluted valuation (FDV) reaches $2.06 trillion. Over the past 24 hours, trading volume hit $42.72 billion, marking a significant 41.11% uptick, with a volume-to-market cap ratio of 2.20%, indicating strong trading activity relative to its market size.
Related Reading: Bitcoin Approaches $80,000 Amid Optimism Over Trump’s Crypto Stance
