Odaily Planet Daily News VanEck recently released a report reiterating that Bitcoin will reach $180,000 at the peak of the current cycle. Analysts express confidence that the next phase of the Bitcoin bull market 'has just begun,' with the increasingly favorable regulatory environment in the U.S. and rising institutional interest being key drivers for Bitcoin to reach this target price within the next 18 months. Based on historical patterns, the report compares the current cycle to the rebound after the 2020 election, when Bitcoin's price more than doubled by the end of the year, ultimately achieving a 137% increase in 2021. Analysts cite key market indicators predicting similar trends in this cycle. For instance, Bitcoin's market share reached 59% in November, the highest level since March 2021, reflecting a resurgence of confidence in the asset. The report also emphasizes strong on-chain metrics. Bitcoin's network activity shows resilience, with daily transaction volumes close to historical highs and transfer volumes increasing by 118% month-over-month. Although the number of transactions decreased by 15%, larger payloads pushed its average transaction size to a new historical high. The report further adds, 'As Bitcoin prices hit new all-time highs, currently about 99% of holding addresses are in profit.' Despite an optimistic outlook on Bitcoin's short-term performance, the report also warns that Bitcoin may become overheated, with an analysis of perpetual futures funding rates indicating that sustained high rates typically coincide with cycle peaks. As of mid-November, funding rates have exceeded historical thresholds associated with strong short-term returns, but over a longer period, returns tend to diminish. Bitcoin's unrealized profit metrics further support the bullish outlook. The report notes that relative unrealized profits (a measure of paper gains) are typically within the range of mid-cycle bull markets. However, if these levels approach historical peaks, it could indicate an increased risk of market correction as profit-taking accelerates. 'Historically, elevated 30-day moving average (DMA) RUP levels (especially above 0.60 and 0.70) suggest strong market sentiment and the possibility of overheating.'

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