The target price for the leading cryptocurrency in the current cycle is set at $180,000, confirmed VanEck specialists, reiterating their September forecast.
Analyst Nathan Frankovitz and Head of Digital Asset Research Matthew Sigel are confident that the next phase of the bull market is just beginning. In their view, several key indicators point to this.
The experts drew parallels with the digital gold rally at the end of 2020, coinciding with the previous U.S. presidential elections. At that time, the asset’s quotes doubled and continued their upward movement the following year.
Expected regulatory clarity from the Donald Trump administration will serve as a catalyst for further Bitcoin growth, according to VanEck analysts.
They noted the funding rates of perpetual futures, which have consistently exceeded 10% since November 12. Analysts estimate that such metric values signal optimistic investor sentiment and significant medium-term investment benefits.
The relative realized profit (smoothed by a 30-day moving average) stands at 0.54. This is significantly below the threshold value of 0.7, which is typically associated with market peaks.
Retail interest in cryptocurrencies is still far from the peaks of 2021. This is indicated by the number of Google search queries and the number of Coinbase app downloads in the U.S., the experts noted.
“While we remain vigilant for signs of overheating, we reaffirm our cyclical target price of $180,000 for Bitcoin, as several key indicators we track continue to give the green light for this rally,” stated VanEck analysts.
Back in April, VanEck CEO Jan van Eck expressed the opinion that the market capitalization of the leading cryptocurrency will eventually reach half that of gold, with its price hitting $300,000.