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This illustration, taken on November 25, 2024, shows images of the Bitcoin cryptocurrency.
Considering Ruvic | Reuters
After a stormy rally in bitcoin This year, crypto investors and industry executives told CNBC that they expect the flagship cryptocurrency to reach new all-time highs in 2025.
In December, the world’s largest cryptocurrency broke the long-awaited $100,000, setting a record high above that. It happened afterwards Donald Trump — who ran on a prominent platform of crypto politics — secured a historic victory in November’s election.
Trump’s quick return to the White House has boosted sentiment around crypto, with many industry executives and analysts expecting him to push for a more supportive regulatory environment for digital assets.
During his campaign, Trump promised to replace the current chairman of the Securities and Exchange Commission, Gary Gensler, who has taken aggressive legal action against various crypto firms. Gensler has agreed to retire from the SEC in 2025.
So does Trump indicated that the US could create a strategic bitcoin reserveby pooling funds obtained as a result of the confiscation of criminal activity.
Additionally, in 2024, Bitcoin surpassed the 2021 price milestone of $70,000 after the SEC gave the green light the first US exchange-traded funds, or ETFs.
The approval of the ETF was widely seen as a key moment for the cryptocurrency as it widens its appeal to more mainstream investors.
Another key moment in 2024 was the halvingan event that occurs every four years and reduces the supply of bitcoins in the market. Generally, this is very beneficial for the price of Bitcoin.
These developments helped crypto pass the narrative of an the industry is marred by scandal. This was the dominant theme of 2023, when two of crypto’s most prominent figures—FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao—both received prison terms on criminal charges.
Bitcoin has more than doubled in price this year. Many expect the value of the token to be even more positive in 2025, with some observers predicting a doubling in value to $200,000.
CoinShares: $80,000-$150,000
James Butterfill, head of research at crypto-focused asset manager CoinShares, told CNBC that he expects bitcoin to hit $150,000 and $80,000 in 2025.
Butterfill said that in the long term it would not be “unreasonable” to expect bitcoin to be worth around 25% of gold’s market share – up from around 10% currently. This would equate to a price of $250,000.
But he doesn’t see that happening next year. “While the timing for this is very challenging, and I don’t expect it to happen in 2025, it will be headed in that direction,” Butterfill told CNBC via email.
He said it is “likely” that Bitcoin could reach the $80,000 and $150,000 mark within a year.
If Butterfill receives the $80,000, it will mean that Trump’s promised pro-crypto policy will not materialize.
“Disappointment around Trump’s proposed crypto policy and doubts about its adoption could cause a significant market correction,” Butterfill said.
Next year, Butterfill expects the favorable regulatory environment in the US to be a major factor supporting bitcoin prices.
In 2023, CoinShares predicted that Bitcoin would be worth $80,000 in 2024.
Matrixport: $160,000
Matrixport, a crypto-financial services company, said that Bitcoin could reach $160,000 in 2025.
“This outlook is supported by robust demand for bitcoin ETFs, favorable macroeconomic trends and an expanding global liquidity pool,” Marcus Thielen, head of research at Matrixport, told CNBC via email.
Bitcoin is known to be highly volatile with the potential for a 70% to 80% correction from all-time highs. Thielen said the reduction in 2025 would be “less pronounced.”
“Bitcoin’s growing bearish buyer base and robust institutional support are expected to mitigate major corrections,” Thielen said.
In 2023, Matrixport predicted that Bitcoin would reach $125,000 in 2024.
Galaxy Digital: $185,000
Alex Thorne, head of research at crypto-focused asset manager Galaxy Digital, sees Bitcoin surpassing $150,000 in the first half of the year before reaching $185,000 in the fourth quarter.
“A combination of institutional, corporate and government adoption will propel Bitcoin to new heights in 2025,” Thorne wrote in a research note shared by CNBC.
“Bitcoin has appreciated faster than all other asset classes throughout its existence, especially the S&P 500 index and gold, and this trend will continue in 2025. Bitcoin will also reach 20% of the market capitalization of gold.”
Galaxy predicts that U.S. exchange-traded products will exceed $250 billion in assets under management by 2025.
The firm expects five Nasdaq 100 companies and five nation states to add bitcoin to their balance sheets or sovereign wealth funds next year.
Standard charter: $200,000
Geoffrey Kendrick of Standard Chartered requires the price of Bitcoin to double. The bank’s head of digital asset research said in a note earlier this month that he expects bitcoin to reach $200,000 by the end of 2025.
Standard Chartered expects institutional flows into bitcoin to “continue at or above 2024 pace” next year.
Institutional bitcoin inflows have already reached 683,000 BTC since the start of the year, the bank noted, with US spot ETFs largely bought Micro strategysoftware firm and effective bitcoin proxy.
Kendrick said MicroStrategy’s bitcoin purchases should “match or exceed 2024 purchases” next year.
Pension funds should also start adding more bitcoin to their portfolios through US spot ETFs next year, thanks to the incoming Trump administration’s expected reforms to the rules of so-called “TradFi” (traditional financial) companies that make investments in digital currencies, he added.
“Even a small distribution of US$40 trillion to pension funds will significantly boost BTC prices,” Kendrick noted. “We would become even more optimistic if BTC experienced faster absorption by US pension funds, global sovereign wealth funds (SWFs) or a potential US strategic reserve fund.”
Carol Alexander: $200,000
Carol Alexander, professor of finance at the University of Sussex, sees $200,000 in bitcoin next year.
“In 2025, I’m more optimistic than ever,” Alexander told CNBC, adding that bitcoin’s price “could easily reach $200,000, but there’s no sign of volatility abating.”
“I expect it to be trading around $150,000 plus or minus $50,000 by the summer.” Alexandra clarified that she does not actually own bitcoins.
Explaining her rationale, Alexander said that favorable US regulation will help bitcoin grow, but the lack of regulation on crypto exchanges will continue to fuel volatility with high-leverage trades driving prices up and down.
Alexander has a history of getting the price of Bitcoin right. Last year, she told CNBC that Bitcoin would reach $100,000 in 2024, which it did.
Bit Mining: $180,000 – $190,000
Yuwei Yang, chief economist at Bit Mining, predicts that bitcoin will reach a price of between $180,000 and $190,000 in 2025, but he is also cautious about a possible price pullback.
“Bitcoin’s price in 2025 is likely to have both significant upward momentum and periodic sharp corrections,” Yang told CNBC. “In times of market turmoil, such as a major stock market decline, bitcoin can temporarily drop to around $80,000. However, the overall trend is expected to remain optimistic.”
Factors behind Bitcoin’s expected rally in 2025 include lower interest rates, support from Trump, and increased institutional adoption.
“Based on these dynamics, I predict that Bitcoin may reach a peak of $180,000 – $190,000 in 2025, which is consistent with historical cycles and growing crypto adoption,” Yang said.
However, Yang also expects that the next year will also bring a number of “corrections” in the value of Bitcoin.
Downside risks include tensions between the US and China, disruptions in global capital markets, possible unexpected restrictive measures and possible delays in the Fed’s rate-cutting cycle.
Last year, Yang predicted that Bitcoin would reach $75,000 in 2024.
Maple Finance: $180,000 – $200,000
Sid Powell, CEO and co-founder of the centralized financial platform Maple Finance, is targeting a price of $180,000 to $200,000 for Bitcoin by the end of 2025.
“If you look historically, when we’ve seen the emergence of gold ETFs, the inflows in the first year have increased dramatically in subsequent years — and I think we can expect to see that with bitcoin ETFs,” Powell told CNBC’s Squawk Box Europe .
“I think we’ll see more inflows in the coming years as bitcoin and indeed crypto become the primary asset allocation for institutional asset managers,” Powell added.
Another factor that Powell believes is driving the price of bitcoin is the expectation of a strategic bitcoin reserve in the U.S.
However, the Maple Finance boss is mindful of market pullbacks. “I think you will certainly see adjustments — crypto remains a cyclical industry,” Powell told CNBC.
In previous market cycles, Bitcoin rose sharply for months before plummeting in value.
Take for example the previous cycle: Bitcoin rose to almost $70,000 in 2021 as it attracted more and more investors, but the following year the token fell to less than $17,000 due to a series of major bankruptcies of crypto companies.
However, Powell emphasized that the 70% to 80% drop in bitcoin seen in past cycles is unlikely in 2025 “because there is a bigger buffer from these institutional inflows into the sector.”
Nexus: $250,000
Elitsa Taskova, product director of crypto-lending platform Nexo, is more optimistic about Bitcoin’s prospects until 2025 than the general consensus.
“We see bitcoin more than doubling to $250,000 in a year,” Taskova told CNBC, adding that in the long term — as well as the next decade — she sees the entire crypto market cap surpassing that of gold.
“These predictions align with current trends and social markers: increasing acceptance of bitcoin as a reserve asset, more bitcoin and crypto-related exchange-traded products (ETPs), and stronger adoption,” said Nexo’s head of product.
Favorable macroeconomic conditions, such as monetary easing by the world’s major central banks, are likely to boost bitcoin, she added.
“Rebalancing the Federal Reserve – managing interest rates and inflation while avoiding stagnation – will be key,” she said, warning that on the other hand, persistent inflation could also trigger a sharp turn.
“With the US leading the way in the deployment of crypto-related capital, rate decisions and inflation dynamics are likely to remain key influences on Bitcoin’s price in 2025.”
