VanEck reaffirms Bitcoin’s $180,000 price target, predicting strong growth driven by institutional investments and evolving regulatory changes.
VanEck analysts have just released a bullish report on Bitcoin, stating that the next phase of the crypto bull market has begun. They reaffirm their price target of $180,000 per Bitcoin, signaling strong growth ahead. As Nathan Frankovitz and Matthe Sigel noted in their report published on November 21, the bullish trend in Bitcoin is still in its early stages.
The analysts also talked about changes that occurred in the regulation sphere. They believe the FIT21 (the Financial Innovation and Technology Act) will be refined in more market- and privacy-friendly language. This would probably lead to increased institutionalization of crypto, as is the current world experience. Also, a new stablecoin draft is under development in order to let state-chartered banks issue stablecoins without the permission of the Federal Reserve. This change would be a departure from the current approach taken to the issuance and regulation of stablecoins.
The percentage of money that Bitcoin controls is also rising. The 7-day moving average of Bitcoin dominance increased by two points to 59%, last seen in March 2021. This measure shows the amount of Bitcoin’s market cap against the total market cap for all cryptocurrencies. The rise from 40% in November 2022 may indicate that Bitcoin will continue to be superior to other digital currencies in the short term.
VanEck Predicts Strong Bitcoin Growth with Potential Regulatory Shifts
VanEck has predicted strong bitcoin growth with potential regulatory changes. They pointed out that if Harris wins the U.S. election, Bitcoin dominance could be more favorable because it has a more well-defined regulatory framework as a commodity. While the increasingly crypto-friendly administration and Trump’s specific positive attitude towards cryptocurrency may result in a broader investment in the entire crypto market.
Currently, Bitcoin is trading at $98,400 after recently hitting an all-time high of $99,588. This surge shows that market sentiment is strong, as institutions have started to invest in it. In addition, the beneficial regulatory environment has contributed to Bitcoin’s continued rise. According to VanEck, the cryptocurrency market will remain dominated by Bitcoin in the future.
As the market grows, both crypto-native capital and institutional investments will be made in it. Moreover, the enhancement of regulations is also helping Bitcoin move ahead. According to VanEck’s report, the crypto market is set for further growth in the future. Overall, Bitcoin’s position as a leading asset is solidifying for the next phase of growth.
