Investment giant VanEck has reaffirmed its ambitious $180,000 price target for Bitcoin, pointing to multiple indicators suggesting the current bull market is just getting started.
As Bitcoin trades near $100,000 following a post-election surge, VanEck's latest report draws parallels to late 2020's market behavior, when Bitcoin's value doubled after the US presidential election before continuing upward throughout the following year.
The firm's analysis focuses on several key metrics that paint an optimistic picture. Perpetual futures funding rates have consistently stayed above 10% since November 12, a pattern typically associated with strong short to medium-term gains during previous bull markets.
The Relative Unrealized Profit (RUP) indicator, which measures unrealized market gains, currently sits at 0.54 on a 30-day moving average. This remains well below the 0.70 threshold that traditionally signals market tops, suggesting room for further growth.
Retail participation also appears to be in early stages. Google searches for "crypto" are only at 34% of their May 2021 peak, indicating the market hasn't yet reached speculative excess. Meanwhile, Coinbase's App Store ranking has jumped dramatically from 412 to 9 since Bitcoin's election-night breakthrough, showing renewed retail investor interest.
"With key indicators signaling green, this rally appears to be just beginning," VanEck stated in the report. The firm expects Bitcoin's price could potentially double from current levels, representing approximately a 1,000% return from the cycle's bottom to its projected peak of $180,000.
The bullish outlook comes amid growing institutional acceptance and a more favorable regulatory environment for Bitcoin. These factors, combined with technical indicators and retail sentiment data, support VanEck's view that the cryptocurrency market is entering its next upward phase.
The report suggests investors may still have substantial opportunities ahead, as current metrics indicate the market hasn't yet reached the exuberance typically associated with cycle peaks. This analysis reinforces VanEck's confidence in maintaining their ambitious price target despite Bitcoin's recent strong performance.