Global investment manager Van Eck has reiterated its $180,000 price target for Bitcoin at the peak of the current cycle.
In its latest Bitcoin report released on Nov. 21, Van Eck digital asset analysts Nathan Frankovitz and Matthew Sigel stated that the crypto bull market is “just beginning.”
They predicted that an increasingly favorable U.S. regulatory environment and rising institutional interest could propel Bitcoin (BTC) to $180,000 within 18 months.
The analysts, along with other market observers, pointed to Donald Trump’s election victory as a key catalyst behind Bitcoin’s recent surge to as high as $99,800 in the past 24 hours.
Currently, Bitcoin is trading at $98,500, just 1.5% away from breaking the $100,000 milestone, according to TradingView data.
High Funding Rates and Market Dynamics
Van Eck analysts noted that Bitcoin entered a “new phase” on Nov. 11, as funding rates on perpetual futures contracts exceeded 10%.
Elevated funding rates on BTC futures contracts. Source: Van Eck
“This shift points toward stronger short- to medium-term momentum, as historically, elevated funding rates have been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand,” they explained.
However, the analysts cautioned that sustained elevated funding rates signal a transition to a less favorable environment for long-term returns.
“On average, purchases made on days when funding rates were above 10% began underperforming at the 180-day mark, with this trend becoming even more pronounced over 1-year and 2-year periods.”
Several analysts have expressed confidence in Bitcoin breaching $100,000, with some predicting it could occur within a week.
Others believe it will surpass the milestone by the end of the year, supported by current bullish market conditions.
