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- Bitcoin reached $93K post-election, with VanEck projecting a $180K target driven by institutional inflows and pro-crypto policies.
- The cryptocurrency market cap surpassed $3 trillion, with Bitcoin leading gains supported by strong weekly and monthly inflows.
- Favorable US regulations and government backing are fueling Bitcoin’s growth, positioning it for multiple all-time highs this cycle.
Bitcoin has surged to new highs following renewed interest from institutional investors and a bullish market outlook. Investment management firm VanEck recently projected a $180,000 price target for Bitcoin in the ongoing bullish cycle. This comes after the cryptocurrency touched $93,000 post-election, signaling robust momentum in the digital asset market.
Institutional Adoption Fuels Optimism
Notably, the rise in Bitcoin’s value has been attributed to strong inflows from institutional investors and favorable market conditions. According to VanEck, several indicators point to sustained growth. The cryptocurrency’s market cap has climbed to $1.74 trillion, with daily trading volumes exceeding $87 billion.
In addition, weekly inflows into the asset are up by 15%, while monthly figures show an increase of over 30%.These gains are not limited to Bitcoin alone. The broader cryptocurrency market, including altcoins and meme coins, has seen significant activity, pushing the total market cap above $3 trillion.
Moreover, VanEck’s Head of Digital Assets, Matthew Siegel, emphasized the importance of these developments, describing the current market state as “blue-sky territory.”
Pro-Bitcoin Policies Boost Market Confidence
Furthermore, regulatory changes in the United States have played a pivotal role in shaping the positive sentiment. Pro-crypto policies and government support have created a conducive environment for Bitcoin’s growth.
Recently, the appointment of key officials who are supportive of digital assets has sent strong signals to market participants. Siegel highlighted that this marks a shift in government attitude, with several leaders backing Bitcoin adoption.
Consequently, VanEck expects these policies to drive Bitcoin to multiple all-time highs over the next two quarters. The firm also notes that the absence of technical resistance positions Bitcoin for substantial gains. This development aligns with VanEck’s earlier prediction of Bitcoin reaching $2.9 million by 2050, driven by its growing role in global trade.
Therefore, the ongoing rally reflects significant interest from retail investors and the derivatives market. On-chain factors also continue to show positive trends, supporting the asset’s upward trajectory. Analysts believe Bitcoin’s ability to sustain new highs within the same cycle is a key indicator of its potential to surpass 100% returns.