VanEck reiterates prediction that Bitcoin will rise to $180,000 in the current cycle: the next phase of the bull market is "just beginning"

Odaily Planet Daily Report: VanEck recently released a report reiterating that Bitcoin will reach $180,000 at the peak of this cycle. Analysts said they are confident that the next stage of the Bitcoin bull market "has just begun", and the increasingly favorable regulatory environment in the US and the growing institutional interest are the key driving factors for Bitcoin to reach this target price in the next 18 months. Based on historical patterns, the report compared the current cycle with the rebound after the 2020 US election, when Bitcoin's price more than doubled by the end of the year and ultimately achieved a 137% increase in 2021. Analysts cited key market indicators to predict a similar trend this cycle. For example, Bitcoin's market share reached 59% in November, the highest level since March 2021, reflecting renewed confidence in the asset. The report also emphasized strong on-chain indicators. Bitcoin's network activity has shown resilience, with daily transaction volume approaching historical highs and a 118% quarter-on-quarter increase in transfer volume. Although the number of transactions has decreased by 15%, the larger effective payload has driven its average transaction size to a new high. The report further stated: "As Bitcoin price hits new highs, about 99% of holding addresses are currently in profit." While maintaining an optimistic outlook on Bitcoin's short-term performance, the report also warned that Bitcoin may overheat, and an analysis of perpetual futures funding rates indicates that persistently high rates are usually associated with cycle tops. As of mid-November, the funding rate has exceeded the threshold historically associated with short-term strong returns, but the returns will decrease over a longer time frame. Bitcoin's unrealized profit metric further supports the bullish outlook. The report pointed out that the relative unrealized profit (a metric measuring accounting gains) is usually in the mid-bull market range. However, if these levels approach historical peaks, it may indicate an increased risk of market correction as profit-taking accelerates, "Historically, a rise in the 30-day moving average (DMA) RUP level (especially above 0.60 and 0.70) indicates strong market sentiment and the possibility of overheating."