n a recent VanEck report, it is said that the firm supports the long-term bullish view for Bitcoin and points to current circumstances similar to those observed after the US presidential election in November 2020. After Bitcoin reaches the $100,000 mark, the asset manager stated that there were similar trends as in previous bull markets and called for further growth under favourable for Bitcoin regulation.
Technical Indicators
The report highlights key metrics supporting their prediction: futures funding rates above 10% and relative unrealized profit below 0.70, closer to 0.54, which is expected during the bearish market. There is potential for further expansion according to these measures and a continuation of the bullish trend.
Retail Participation
The Google search interest in ‘crypto’ is still at 34% of the May 2021 high and Coinbase’s App Store ranking has risen from 412 to 9, meaning that retail interest is increasing but not yet at historical highs, which indicates a top of the cycle
Bitcoin's Path to $180K Target
While Bitcoin is already above these levels, VanEck believes that it may double from current levels and target approximately the $180,000 mark if the market is sustainable rather than a bubble.
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