Yesterday, the Bitcoin market crossed the level of $100K, creating a new milestone in its bullish journey. The overall bullish sentiment in the crypto market has positively influenced many cryptos, especially those with high market capitalisation. Meanwhile, most experts confirm the beginning of the Alt Season. Unsurprisingly, crypto enthusiasts are eager to know what is next for cryptocurrencies in 2025.
Bitcoin Halving Pattern and Price Predictions
In the previous halving cycle, which began on May 11, 2020, and ended on April 19, 2024, the Bitcoin market experienced a surge of approximately 645.68%. At the beginning of the current cycle, the BTC price stood at around $63762.59. So far, in the current cycle, the market has showcased an increase of 53.8%. Experts project $120K as a reasonable target for Bitcoin in 2025. They also acknowledge the possibility of the price hitting $150K. However, they believe the highest the price can reach next year is $200K.
Institutional Accumulation and Puell Multiple Outlook
Experts note that the Puell Multiple chart, a metric for estimating the level of sell pressure in the market coming from miners, supports the assessment of Bitcoin going up to at least $120K next year.
Currently, the Puell Multiple index stands at 1.241. At the start of this month, it stood at 1.76. On April 20, it hit a yearly peak of 2.77. On September 11, it touched a low of 0.48. Notably, in November, it fluctuated within the range of 1.3 and 0.93.
Experts also emphasise the growing institutional interest in Bitcoin.
Global Political Shift Towards Crypto
In the latest US presidential election, pro-crypto candidate Donald Trump attained a massive victory over the ruling Democratic government, which had launched several regulatory crackdowns against the cryptocurrency industry. Recently, Trump announced his decision to nominate pro-crypto Paul Atkins as the successor of SEC Chairman Gary Gensler, who had invited the ire of the crypto community for his tougher regulatory approach.
Since the US political landscape tilted towards the pro-crypto side, many global leaders have openly expressed their support for the crypto sector, especially Bitcoin. Recently, Russian president Vladimir Putin stated that it is impossible to ban Bitcoin and his country cannot ignore new technologies like digital currencies.
Interestingly, US Federal Reserve chair Jerome Powell, while answering whether the rising interest in Bitcoin can be perceived as an indication of the emerging lack of trust in the US dollar, stated that Bitcoin poses no threat to the US dollar but actually competes with gold.
Altcoin Season Duration and Insights
While discussing the Alt Season, experts highlight crypto expert Miles Deutscher’s post, noting that the last altcoin season lasted at least 88 days. Emphasising the predictions of Deutscher, experts forecast that the altcoin market would achieve significant gains in 2025.
