Bitcoin’s recent price movement has caused traders to pay close attention as large players increase their bullish predictions. VanEck’s researchDespite Bitcoin’s recent drop, the firm reaffirms a goal of $180,000 by year end.
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Instutional buying remains heavy
According to reports, there was a large accumulation of Bitcoins in July. Digital Asset Treasuries bought 72,000 BTC and exchange-traded products purchased 54,000 BTC. This shows that big holders are continuing to buy.
VanEck announced its first bullish forecast in November of 2024 at a time when Bitcoin was trading around $88,000. US-listed mining companies now represent 31% of the global Bitcoin hashrateApplied Digital has risen by 50% since the beginning of this year.
The price moves show volatility and quick recovery
Bitcoin dropped to $112,000 early in August and then jumped back up to $124,000 at August 13th. This move marked a new high, surpassing July’s 123,838.
Bitcoin currently trades at around $115K. That’s about 8% lower than the peak. The pullback is described by traders as a repositioning following a rally, and not a breakdown.
Source: VanEck
Derivatives metrics support the growing speculative trend. CME funding rates have risen to 10%, their highest level since Febuary 2025.
Investors spent $792,000,000 on premiums for call options, which is the highest ratio since June 2024.
The implied volatility is now 32%, which is well below the average one-year value of 50%. This makes buying options more affordable.
Futures open interest is currently over $6 Billion. A $2.3 Billion unwind in recent corrections was one of the biggest single-session movements.
Source: VanEck
The voices are divided on how high Bitcoin could go
Analysts and executives disagree about the speed and peak of this rally. Coinbase’s Brian Armstrong echoed Jack Dorsey and Cathie WOOD in predicting that Bitcoin would reach $1 million per coin by 2030. This was based on clearer regulations and wider institutional acceptance.
Mike Novogratz of Galaxy Digital warned that an amount above $1 million would likely be a sign of heightened economic pressure in the US, rather than a normal level.
Preston Pysh raised concerns over the impact of Wall Street’s increasing role on Bitcoin.
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Technical Support and Levels
Many market observers view $100,000 to $110,000 as a key range of support. If the price breaks below $112,000, it could move towards $110,000, and in a more significant movement, toward $105,000.
So far, there is no clear picture. The price pressures are being driven up by institutional demand and derivative flows, but the volatility is also getting cheaper and cheap options.
The continued flow of funds and the stability of key support will determine whether Bitcoin reaches VanEck’s goal.
Chart from TradingView, Featured Image from Meta
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Source: www.newsbtc.com
