Bitwise Asset Management, which oversees roughly $12 billion in client assets, has reaffirmed its call that Bitcoin will trade above $200,000 by the end of 2025. The forecast, restated in the firm’s mid-year outlook released this week, cites continued institutional demand, strong inflows into spot Bitcoin exchange-traded funds and a friendlier U.S. policy backdrop as the main catalysts for further gains. While the firm remains upbeat on Bitcoin, it is less confident that Ethereum and Solana will set fresh records over the same period, pointing to lingering macroeconomic uncertainty and higher real yields that could restrain risk appetite beyond Bitcoin. Bitwise nevertheless sees potential tailwinds for the two networks from the expected approval of additional crypto-focused ETFs and the growing use of tokenised real-world assets. Bitcoin was quoted near $108,000 on 5 July, giving the token a market value of about $2.15 trillion and leaving it roughly 85 percent below Bitwise’s year-end target. The cryptocurrency set its current all-time high of roughly $112,000 in May, driven by record ETF inflows and corporate treasury adoption. Competing forecasts in the market span a wide range, with some analysts looking for a retreat to $90,000 before a longer-term advance and others projecting prices as high as $250,000 by year-end, underscoring the debate over the market’s next direction.