VanEck’s latest Bitcoin report reaffirms its cycle price target of $180,000, citing strong bullish indicators that align with the current market rally. The asset manager highlights key metrics, such as funding rates, Relative Unrealized Profit (RUP), and retail interest trends, as signals that the bull market is still in its early stages.
Bitcoin has soared into uncharted territory, trading near $100,000 following a post-election rally, mirroring the market’s behavior in late 2020 when Bitcoin doubled after the US presidential election and continued its upward trajectory in the subsequent year. With a pro-Bitcoin regulatory environment and growing institutional interest, VanEck believes the next phase of the bull market is underway.
Various metrics signal bullish sentiment, such as sustained high funding rates, which indicate heightened bullish momentum. Relative Unrealized Profit (RUP) levels are also low, suggesting that the market is not yet overbought. Lastly, retail interest in Bitcoin remains below historical peaks, indicating that we may not be in a speculative mania phase.
VanEck expects Bitcoin’s price to potentially double from current levels, reflecting a roughly 1,000% return from the cycle’s trough to its peak at $180,000.
