Global investment manager Van Eck has reissued its $180,000 price target for Bitcoin at the peak of the current cycle. 

In its latest Bitcoin report on Nov. 21, Van Eck digital asset analysts Nathan Frankovitz and Matthe Sigel said the next phase of the crypto bull market is only “just beginning.”

They predicted that an increasingly friendly regulatory environment in the United States and growing institutional interest could catapult Bitcoin (BTC)  to a price of $180,000 within the next 18 months. 

Like many other market pundits, the analysts credited Trump’s election victory as the primary catalyst for a move that has seen the price of Bitcoin reach as high as $99,800 in the last 24 hours. 

As of the time of publication, Bitcoin is trading for $98,500, a mere 1.5% move away from breaching a record price of $100,000, per TradingView data . 

Van Eck reissues $180K Bitcoin price target for current market cycle image 0

Bitcoin is currently trading at $98,496. Source: TradingView

High funding rates show signs of overheating

The analysts shared that as of Nov. 11, Bitcoin had entered a “new phase” where funding rates on perpetual futures contracts had exceeded 10%.

Van Eck reissues $180K Bitcoin price target for current market cycle image 1

Funding rates on BTC have become elevated as Bitcoin’s price soars. Source: Van Eck

“This shift points toward stronger short- to medium-term momentum, as historically, elevated funding rates have been linked to higher 30 to 90-day returns, reflecting heightened bullish sentiment and demand,” they said. 

Related: Bitcoin back to $90K next? Traders diverge on BTC price pullback odds

However, they noted that as funding rates remain elevated, the market begins to shift into a phase where investors eyeing longer-term returns — over a one or two-year time span — becomes unfavorable. 

“On average, purchases made on days when funding rates were above 10% began underperforming at the 180-day mark, with this trend becoming even more pronounced over 1-year and 2-year periods.”

Several analysts told Cointelegraph they expect Bitcoin to be trading at a price of $100,000 or “well above” by the end of the year, but current market conditions have seen some analysts say Bitcoin could easily top $100,000 within the next week. 

Asia Express: Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng