Leading research and brokerage firm Bernstein reiterated in a client note Monday that bitcoin could reach $200,000 by 2025, maintaining its earlier prediction. The firm noted that evolving political, regulatory, and market conditions remain aligned with its long-term outlook. Bernstein analysts, led by Gautam Chhugani, noted:
We are entering a stage, where we expect intrigue will turn to pain for the bitcoin bears.
With bitcoin trading near $92,000, Bernstein’s June forecast of $200,000 now seems increasingly feasible. Chhugani opined: “Bitcoin to $100K seems around the corner and our $200K bitcoin target [by the end of] 2025 now looks not as delusional.”
The report emphasizes the role of the political landscape, particularly under President-elect Donald Trump’s administration, in fostering a pro-crypto environment. Key appointments, including the U.S. Securities and Exchange Commission (SEC) Chair and Treasury Secretary, are expected to enhance market sentiment. The analysts shared: “We expect the SEC Chair and Treasury position to be filled by a pro-crypto candidate and that the market should remain positive, regardless of specific appointments.”
SEC Chair Gary Gensler, widely criticized for his “regulation by enforcement” approach to crypto oversight, is expected to resign before the end of his term. President Donald Trump has pledged to remove Gensler on his first day in office.
Another driver is the push for a national bitcoin reserve. “Demand for bitcoin this cycle is led by institutions, corporates and retail,” the report states, but the analysts see a shift: “We believe the next bitcoin cycle will be sovereign led and the political seeds for a sovereign led market are being sown today.” Regulatory clarity and institutional adoption are further catalysts. The report details:
As regulatory catalysts play out, we would expect a new-found confidence in the crypto bull market, reflected in not just higher bitcoin prices but overall crypto market cap impacting prices of ETH, SOL and leading digital assets.
Highlighting long-term opportunities, Chhugani said: “With most institutional investors re-examining their anti-crypto stance, we have a long journey of fresh structural allocations to this market. If you are long, we expect you will be on the right side of bitcoin history.”
Bitcoin’s recent surge to new all-time highs has sparked bullish sentiment among investors and analysts. The optimism is fueled by the re-election of President Trump, whose pro-crypto stance may lead to favorable regulatory changes. Major financial institutions have increased their bitcoin exposure, with spot bitcoin exchange-traded funds (ETFs) seeing significant inflows. For example, Microstrategy Executive Chairman Michael Saylor predicts BTC will reach $100,000 by year-end, planning a celebration to mark the milestone, while Bitwise CIO Matt Hougan considers $500,000 a critical benchmark for market maturity.
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