VanEck, a leading asset management firm, has released its mid-November Bitcoin ChainCheck report. The report suggests that the next phase of the bull market is underway now. The report reaffirms a cycle price target of $180,000 per Bitcoin, fueled by favorable regulatory developments and growing market momentum.
Bitcoin Eyes $100K Milestone Amid Regulatory Optimism Under Trump Administration
Following Bitcoin’s surge past $75,000 on U.S. election night, the cryptocurrency has reached new all-time highs, with its 7-day moving average nearing $89,444. At the writing time, $BTC is changing hands at $99,000. Yesterday it recorded a new all-time-high of $99,600 and now all eyes are waiting for $BTC to cross the $100,000 psychological milestone.
VanEck attributes this rally to renewed investor interest and regulatory optimism under the Trump administration, which has signaled pro-crypto policies, including potential reforms to FIT21 and stablecoin legislation.
The report anticipates the rewriting of FIT21 into more market- and privacy-friendly terms. Additionally, proposed stablecoin regulations could allow state-chartered banks to issue stablecoins without requiring Federal Reserve approval. VanEck views these changes as instrumental in bolstering the U.S. dollar’s global influence through stablecoins, particularly in emerging markets.
Bitcoin’s Bullish Momentum Strengthened by Market Indicators and Regulatory Shifts
Market indicators also align with VanEck’s bullish outlook. Bitcoin dominance has risen to 59%, network activity remains robust, and transaction volumes have spiked. However, the report notes caution as funding rates and unrealized profit levels begin to approach historical thresholds that often signal market overheating.
VanEck concludes that Bitcoin is poised for further gains, with a $180,000 target reflecting the broader bullish sentiment and transformative regulatory landscape. Overall, the crypto market expects Bitcoin to pump further after Trump officially takes over the president’s role on 22nd of January 2025. Gary Gensler, the anti-crypto chairman of SEC is also leaving the charge on 20th of January, just before Trump’s charge taking.