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VanEck Doubles Down on Big Bitcoin Price Target, Says Key Indicators Continue To ‘Signal Green’

VanEck Doubles Down on Big Bitcoin Price Target, Says Key Indicators Continue To ‘Signal Green’

Daily HodlDaily Hodl2024/11/24 16:00
By:by Alex Richardson

Asset management firm and exchange-traded fund (ETF) issuer VanEck is standing firm on its bullish price prediction for Bitcoin ( BTC ).

In a new report, VanEck says a number of key indicators the firm tracks continue to suggest that BTC is not yet in the late stages of a bull run.

“Now in uncharted territory with no technical price resistance, we believe the next phase of the bull market is just beginning. This pattern mirrors what happened four years ago, when Bitcoin’s price doubled between the 2020 election and year-end, followed by an additional ~137% gain in 2021.

With a transformative shift in government support for Bitcoin underway, investor interest is rising rapidly; we are receiving inbound calls at an accelerating pace as many investors find themselves under-allocated to the asset class. While we remain vigilant for signs of overheating, we reiterate our cycle price target of $180,000/ BTC as a number of key indicators we track continue to signal green for this rally.”

VanEck also looks at perpetual futures trading data, or “perps” which are derivative contracts that allow traders to easily leverage trade cryptocurrencies. The perp market is balanced by funding rates that force one side of the market to pay the other to keep positions open.

The firm says that BTC becomes overheated when the 30 Displaced Moving Average (DMA) perp funding rates exceed 10% for one to three months.

VanEck Doubles Down on Big Bitcoin Price Target, Says Key Indicators Continue To ‘Signal Green’ image 0 Source: VanEck

VanEck also expects the new US presidential administration slated to be led by Donald Trump to be more accommodative to the crypto industry, helping boost further rallies as 2025 comes into view.

“In our view, this election marks a bullish turning point, reversing years of offshoring jobs and capital caused by previous hawkish leadership. By fostering entrepreneurial dynamism, the US is poised to become a global leader in crypto innovation and employment, transforming crypto into a critical industry for domestic growth and a key export to emerging markets.”

At time of writing, Bitcoin is trading at $97,098.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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