Bitcoin’s price has been on a tear through 2024 and 2025, shattering expectations and even breaching the once-unthinkable $100,000 mark. By mid-2025 it notched new all-time highs around $120,000 – a remarkable climb of roughly 600% from the depths of the 2022 bear market. This dramatic surge has cemented Bitcoin as one of the top-performing assets of the past two years. Yet after such a dizzying ascent, investors naturally wonder: has the bull run actually run its course, or is there more fuel in Bitcoin’s tank?
Despite periods of volatility – including a sharp flash crash in October 2025 that briefly sent prices toward $105K – the broader trend remains upward and resilient. Pullbacks of 10–20% have been short-lived, with Bitcoin quickly regaining lost ground. In fact, many market observers argue that the current bull rally is far from over. From Wall Street fund flows to global economics, a confluence of factors suggests Bitcoin’s 2025 bull run still has plenty of life left.
Analysts at major financial institutions are issuing six-figure price targets, and on-chain metrics show no signs of the speculative fever that typically signals a market top. In short, there are strong fundamental reasons to believe that the Bitcoin boom of 2025 is not dead – it’s maturing.
A New Kind of Bull Run – Goodbye to the Four-Year Cycle?
In cryptocurrency lore, bull runs are periods of sustained price increase, frothy investor sentiment, and accelerating adoption. Bitcoin has historically seen explosive bull markets roughly every four years, coinciding with its “halving” cycle (the programmed halving of new supply issuance every four years). In past cycles – notably in 2013, 2017, and 2021 – Bitcoin rocketed to fresh highs (often gaining well over 1,000% in a year), then gave way to brutal multi-year “crypto winters.” This predictable rhythm led many to speak of the “four-year cycle” as an almost law of nature in crypto markets.
However, the 2024–2025 cycle is challenging that paradigm.
While Bitcoin did undergo its scheduled halving in April 2024 (cutting mining rewards from 6.25 to 3.125 BTC), the price action and market drivers now look very different from prior episodes. For one, the halving event itself has not been the sole catalyst for the rally. Analysts note that the halving was largely anticipated and “priced in” by savvy investors ahead of time. Unlike 2016 or 2020, when the post-halving supply shock was credited with igniting bull runs, this time the market’s focus quickly shifted to new factors like institutional fund inflows and macroeconomic trends. As a recent industry analysis concluded, Bitcoin’s halving alone “won’t be a catalyst for a sustained bull run” in the next year; instead, attracting new investors via spot Bitcoin ETFs will be crucial.
Another key difference is the macroeconomic backdrop.
Previous Bitcoin cycles unfolded during periods of low or falling interest rates and ample liquidity.
In contrast, the current cycle began in a high-rate environment as central banks fought inflation – an unprecedented scenario for Bitcoin. This has introduced new dynamics: some of the explosive, leverage-fueled gains of past bull runs have been tempered by tighter financial conditions.
At the same time, crypto markets have grown more liquid and mature, with deeper institutional involvement that didn’t exist even four years ago. These changes hint that this bull run may be more prolonged and steadier (albeit possibly less frenzied) than the boom-bust cycles of the past.
Indeed, many in the industry are saying goodbye to the old four-year rhythm. “The surge in institutional capital and [a] liquidity crunch from high interest rates… confirm one thing: this cycle will be different from any we have seen before,” noted a Forbes analysis of the 2025 market. Rather than a purely retail-driven mania that peaks and crashes on schedule, Bitcoin’s trajectory now appears to be influenced by broader structural forces. As we’ll see, factors like exchange-traded funds, regulatory shifts, and global investor behavior are extending Bitcoin’s run well beyond the typical post-halving year. The rest of 2025 – and perhaps even 2026 – could see Bitcoin forging a more extended cycle, with higher highs and a more gradual eventual cooldown.
10 Reasons the Bitcoin Bull Run Will Continue
Now let’s outline ten major reasons why Bitcoin’s bull run isn’t over yet. These range from the trillions of dollars in institutional capital now eyeing crypto, to the network’s strongest fundamentals in history. Taken together, they paint a picture of a rally grounded in far more than hype – one that may still be in mid-stride rather than at its end.
Unprecedented Institutional Adoption and ETF Inflows
One of the clearest signs that this bull run has legs is the wave of institutional money flooding into Bitcoin, especially via new exchange-traded funds (ETFs). In contrast to 2017’s retail-driven rally, 2025’s upswing is being fueled by Wall Street and big investors. Over the past year, a who’s-who of financial giants – from BlackRock and Fidelity to global banks – have sought exposure to Bitcoin.
The launch of spot Bitcoin ETFs has been a game-changer, offering institutions an easy, regulated vehicle to buy in.
The numbers tell the story. In the second half of 2025, U.S. spot Bitcoin ETFs saw relentless capital inflows, with multi-billion-dollar volumes week after week. By October, eight consecutive days of net ETF buying added about $5.7 billion of fresh money into Bitcoin funds. BlackRock’s iShares Bitcoin Trust (IBIT), in particular, has been hoovering up coins – it attracted roughly $4.1 billion of those inflows and now manages over 800,000 BTC, nearly 3.8% of Bitcoin’s total supply.
This kind of institutional accumulation is unprecedented. Each coin absorbed by an ETF is one less circulating on exchanges, effectively tightening supply (and supporting price) in a way past retail buying sprees never did.
Analysts say the ETF effect is only beginning. Standard Chartered pointed to strong ETF demand as a core driver of its bullish outlook for Bitcoin. The bank noted that after some politically driven outflows earlier in the year, Bitcoin funds swung back to net positive inflows of hundreds of millions of dollars – clear evidence that investors “are once again buying into the market” via ETFs.
In fact, Standard Chartered’s research team argues that the advent of spot Bitcoin ETFs may be more important than the halving in sustaining this bull run. By unlocking a wave of interest from pensions, hedge funds, and family offices, ETFs have opened the floodgates to institutional FOMO on Bitcoin.
This institutional embrace also validates Bitcoin’s asset-class status like never before. It’s not just specialized crypto funds anymore; major banks and investment firms are now involved.
Notably, firms such as Morgan Stanley and Wells Fargo have reportedly started allowing wealthy clients to allocate to Bitcoin or are even recommending small crypto positions. The stamp of approval from such conservative institutions marks a sea change from just a few years ago.
It suggests that Bitcoin is firmly on the trajectory to becoming a mainstream portfolio staple – and that large pools of capital which were previously on the sidelines can continue flowing into the market. As long as this institutional tide keeps rising, it’s hard to argue the bull run is done. On the contrary, Wall Street’s crypto fever appears to be just heating up.
Macro Tailwinds: Interest Rate Cuts and Liquidity
Bitcoin does not exist in a vacuum, and the broader macroeconomic environment is increasingly tilting in its favor. After a period of aggressive interest rate hikes in 2022–2023, central banks are now approaching a pivot point. Many economists anticipate that by late 2025, the U.S. Federal Reserve and other major central banks will begin cutting interest rates to support slowing economies.
Such a shift could deliver a powerful tailwind to Bitcoin and other risk assets.
Why do interest rates matter? In a low-rate or easing environment, liquidity in the financial system increases and investors are more willing to take risks in search of higher returns. Bitcoin has often behaved like a risk-on asset – thriving when capital is cheap and abundant. In the 2010s and early 2020s, periods of near-zero rates saw tech stocks and crypto soar together. Conversely, the sharp rate hikes of 2022 correlated with a deep crypto bear market.
Now, with inflation cooling and monetary tightening likely peaking, the pendulum is set to swing back. Rate cuts tend to fuel crypto bull markets for a simple reason – they create a favorable environment for riskier assets to thrive, as one market guide succinctly put it.
Already in 2024, anticipation of easier monetary policy helped reignite Bitcoin’s rally. Analysts observed that Bitcoin and crypto broadly began recovering as markets started pricing in a future Fed policy pivot. Looking ahead, 2025 is expected to bring that inflection point.
Major central banks are widely expected to cut rates in 2025, according to Euronews, and this “prevailing risk-on sentiment is likely to support further gains for Bitcoin”. In essence, cheaper money and renewed liquidity could prolong the bull run by encouraging more investment flows into crypto.
Additionally, global economic uncertainty has put central banks on a more dovish footing, which indirectly benefits Bitcoin. Concerns about recession, geopolitical tensions, or credit stress tend to elicit supportive policy responses (like rate cuts or stimulus) that boost alternative assets. Bitcoin stands to gain not just from the fact of more liquidity, but from its emerging role as a hedge in times of macro instability (more on that in the next point). Standard Chartered’s team explicitly cited hopes of U.S. interest rate cuts as a reason they see Bitcoin potentially reaching $200,000 by the end of 2025.
In their view, an accommodative Fed could both weaken the dollar and increase appetite for stores of value, creating a “perfect storm” for Bitcoin demand.
In summary, the monetary climate in 2025 is set to flip from headwind to tailwind. If the second half of the year brings even a couple of rate reductions, it could unleash another wave of liquidity into markets. Combined with Bitcoin’s strengthening narrative among institutional investors, that liquidity has a decent chance of finding its way into crypto assets.
The prospect of an easier Fed, a weaker dollar, and more abundant capital is a solid reason to believe Bitcoin’s bull run will march on.
Bitcoin as Digital Gold in a Chaotic World
Beyond short-term trading and speculation, Bitcoin’s bull case has long rested on its appeal as a store of value – “digital gold” for the modern age. In 2025, that narrative is resonating more strongly than ever amid an uncertain global backdrop.
As economic and geopolitical jitters persist, a growing cohort of investors see Bitcoin as a hedge to protect wealth from market turmoil, inflation, and currency debasement. This safe-haven demand is an important pillar propping up the current bull run.
Consider the parallels with gold: in late 2024 and 2025, gold prices climbed to all-time highs, reflecting investor anxiety about traditional markets and a desire for stable assets. Bitcoin benefited from a similar flight-to-safety dynamic. Standard Chartered analysts observed that as gold hit record levels, “many investors are now looking toward Bitcoin as another way to protect their money from market risks.” The idea of Bitcoin as “digital gold” – a hard asset immune to inflation and government control – “is getting stronger day by day,” they noted. Indeed, Bitcoin’s finite supply and decentralized nature make it an attractive hedge in an era of relentless money printing and geopolitical unrest.
Real-world events over the past year have underscored this appeal.
Periods of macro instability – whether spiking inflation, banking sector wobbles, or even international conflicts – often coincided with upticks in Bitcoin buying. For example, when war and sanctions roiled global markets, some investors turned to crypto to move money across borders or guard against local currency crashes. In inflation-stricken emerging economies,
Bitcoin adoption has steadily grown as citizens seek refuge from collapsing currencies. This grass-roots demand (from Nigeria to Argentina) feeds into the broader safe-haven narrative supporting Bitcoin’s price on the global stage.
Even in advanced economies, Bitcoin is increasingly seen as a hedge against fiscal and political dysfunction. During the U.S. debt ceiling scare in 2023 and government shutdown threats, Bitcoin’s price showed resilience, buoyed by those hedging against potential dollar instability. As one Forbes piece noted, part of Bitcoin’s strength in this bull run comes from “the perception that it serves as a hedge against government dysfunction” and monetary irresponsibility. In 2025, that perception is translating into real capital flows. Institutional asset managers have begun framing Bitcoin as a portfolio diversifier akin to gold – an asset uncorrelated to traditional financial turmoil that could preserve value in worst-case scenarios.
All of this means that as long as uncertainty clouds the horizon, Bitcoin stands to gain. Its role as digital gold has lent the current rally a stickiness that previous speculative booms lacked. Investors who bought Bitcoin as an inflation or crisis hedge are arguably long-term holders less likely to sell at the first sign of volatility. This undercurrent of steady, haven-driven demand provides a firm foundation for the bull run.
So even if risk appetite ebbs and flows with the economy, Bitcoin now has a dual character: it can attract both risk-on traders during booms and risk-off capital during busts. That bodes well for its ability to sustain higher price levels continuously. In short, Bitcoin’s credibility as “digital gold” is growing just as global risks do – a recipe for ongoing bullish momentum.
Regulatory Clarity and Political Support
Few developments have been as pivotal for this bull run as the dramatic shift in the regulatory climate around crypto. Unlike the uncertainty and crackdowns that shadowed Bitcoin in some past cycles, 2024–2025 has seen significant moves toward clearer, more crypto-friendly regulations – especially in major markets like the United States.
This newfound regulatory clarity has unlocked institutional participation and alleviated a key overhang that often ended previous rallies. With policymakers gradually warming to crypto, Bitcoin’s bull run has a stronger tailwind and fewer storm clouds on the horizon.
A watershed moment came in early 2024, when the U.S. Securities and Exchange Commission approved the first spot Bitcoin ETF. This decision (after years of rejections) was a game-changer: it signaled that regulators were ready to integrate Bitcoin into mainstream finance. The approval immediately “boosted investor sentiment” and helped Bitcoin decisively break above its prior $50K–$70K range.
By late 2024, even U.S. politics took a crypto-friendly turn. The surprise victory of President Donald Trump – who campaigned on making America “the crypto capital of the planet” – injected further optimism. In December 2024, after pro-crypto statements and appointments by the incoming administration, Bitcoin surged past $100,000 for the first time. It was a stark contrast to 2017, when regulatory fears (like China banning exchanges) helped pop the bubble. This time, the regulatory winds are at Bitcoin’s back.
Throughout 2025, U.S. authorities continued sending constructive signals. Congress debated legislation to provide clearer rules for crypto trading and stablecoins, and several bills gained bipartisan support.
One much-discussed proposal – nicknamed the “Bitcoin Act” – even floated the idea of the U.S. Treasury accumulating a strategic reserve of Bitcoin over coming years. While that extreme scenario may not materialize, it shows how far the conversation has shifted. Crypto is no longer a pariah in Washington; it’s increasingly seen as an innovative sector that needs sensible oversight. Greater regulatory certainty – from tax guidelines to custody rules – has been encouraging more traditional investors to enter the space without fear of legal ambiguity.
It’s not just the U.S. either.
Around the world, many jurisdictions have implemented or proposed clearer crypto regulations. The European Union’s comprehensive MiCA framework (Markets in Crypto-Assets) was finalized in 2024, establishing standardized rules across EU member states. This has given companies and investors in Europe confidence to engage with crypto under well-defined guidelines. Likewise, countries from the UK to the UAE have rolled out licensing regimes for crypto service providers. The net effect is a global trend toward legitimization of Bitcoin and its peers within the financial system.
Crucially, regulatory clarity addresses one of the major causes of past boom-bust cycles: sudden government actions that spooked markets. With that risk reduced, the current bull run is on firmer footing.
“We will have a clearer regulatory environment [ahead] and we are seeing institutional capital come to the table in a more significant manner than we’ve ever seen,” noted Josh Gilbert, a market analyst at brokerage eToro.
His point captures why regulation is reason for optimism – it’s paving the way for the big money to dive in. As long as the policy trajectory remains constructive and supportive, Bitcoin should continue to thrive. In 2025, the once adversarial relationship between crypto and regulators is thawing into something of a partnership – and that is bullish fuel we’ve never had before.
Scarce Supply Dynamics Post-Halving
Bitcoin’s design is inherently scarce and deflationary, and those characteristics are becoming ever more pronounced. Every bull market so far has ultimately been underpinned by Bitcoin’s limited supply – and in 2025 the supply squeeze is intensifying. With the latest halving now in the rear-view mirror, Bitcoin’s issuance rate has dropped to its lowest in history.
Meanwhile, a large portion of existing bitcoins are being hoarded by long-term holders, further reducing effective supply. These dynamics create a classic supply-demand imbalance that can continue driving prices higher.
The April 2024 halving cut Bitcoin’s block reward from 6.25 BTC to 3.125 BTC, slashing the pace of new coin creation. This automatic supply shock happens roughly every four years and has historically correlated with Bitcoin’s most explosive rallies (as seen in 2013, 2017, 2021). By design, halvings make Bitcoin 50% more scarce on the flow side – miners earn fewer bitcoins for the same work, which can strain those who need to sell for revenue. Over time, less new supply coming to market tends to put upward pressure on price (assuming steady or growing demand).
Importantly, Bitcoin’s fixed maximum supply of 21 million coins is coming into sight. Over 94% of all bitcoins that will ever exist have already been mined. As of mid-2025, around 19.9 million BTC are in circulation, leaving just a little over 1 million yet to be discovered over the next century. In practice, this means new supply is extremely limited. For comparison, gold’s supply grows about 1.5% per year from mining – Bitcoin’s current annual supply growth post-halving is under 1%. Within a few more halving cycles, Bitcoin’s inflation rate will approach zero, effectively making it one of the scarcest assets on Earth.
What does this mean for the bull run?
Simply put, any surge in demand runs into a wall of scarce supply, causing price to rise until equilibrium is found.
And we are indeed seeing strong demand (from institutions, retail, and even nation-states), as outlined in other points. At the same time, many of the bitcoins in existence are not even available for sale. An increasing percentage is held in long-term storage by investors with strong hands.
For instance, large “whale” wallets have mostly been accumulating rather than distributing coins during recent market dips. Glassnode data indicates that as of Q4 2025, over 80% of circulating Bitcoin is in profit (i.e. acquired at lower prices) , and much of that supply has remained dormant despite price surging – a sign that long-term holders aren’t cashing out en masse. Every month, some coins drop out of circulation due to lost keys or holders simply choosing not to sell.
This thinning supply was evident during the October 2025 correction: Bitcoin’s price quickly stabilized around $105K–$110K as bargain hunters found few sellers willing to unload large quantities at lower prices.
“Bitcoin still has a hard limit of 21 million coins that can ever exist,” a Nasdaq commentary reminded during that pullback, noting that nothing had fundamentally changed about its scarcity. In other words, the bull run’s core value driver – more buyers chasing a scarce asset – remains firmly intact.
The halving’s impact may not have been immediate fireworks, but its supply shock is quietly at work in the background. Miners, now earning half the Bitcoin they used to, have notably reduced the amount of BTC they sell onto the market.
Many miners are instead holding more of their mined coins, betting on higher future prices (a strategy made easier if they have access to alternate financing). In September 2025, miners’ reserves hit a multi-month high, reflecting confidence and reduced selling pressure. This miner behavior, combined with steadfast long-term investors, has created a supply squeeze that underlies the bull trend. As long as demand persists, these supply-side constraints will continue to exert upward pressure on Bitcoin’s price. It’s basic economics – and it’s a key reason to believe this bull run isn’t done delivering new highs.
Network Fundamentals at All-Time Highs
Bull markets come and go, but Bitcoin’s network fundamentals have been steadily climbing, hitting record after record in 2025 – a strong sign of the network’s health and long-term potential. In this cycle, price isn’t the only thing reaching all-time highs: so are Bitcoin’s hash rate, security, and usage metrics. These robust fundamentals provide a solid backbone to the bull run, suggesting it’s supported by genuine growth in the network rather than just speculative froth.
A standout metric is Bitcoin’s hash rate – the total computational power dedicated by miners to securing the blockchain.
Throughout 2025, the hash rate has soared to unprecedented levels. In September, it peaked around 1.12 billion terahashes per second (TH/s), an all-time high. This surge means more mining machines are online than ever before, making the network more secure against attacks. It also reflects miners’ optimism: they wouldn’t be investing in expensive hardware and electricity if they expected Bitcoin’s value to plummet. In fact, such a large jump in hash power so soon after the halving caught many by surprise – historically, miner participation can dip when rewards are cut. Instead, miners have doubled down, indicating strong confidence in the future of Bitcoin.
This exploding hash rate led to record mining difficulty (the network’s built-in adjustment to keep blocks coming at a steady rate), which also hit an all-time high in 2025.
A high difficulty confirms that competition among miners is fierce – another signal of how much resources are being poured into Bitcoin’s security.
One positive side effect: a highly secure and decentralized network is more attractive to large investors and institutions concerned about robustness. Every uptick in hash rate underscores Bitcoin’s resilience and can bolster investor trust, indirectly aiding the bull run’s longevity.
Analysts and industry experts view the hash rate milestone as a bullish omen for price as well. There’s a history of hash rate surges preceding strong price rallies, possibly because miners tend to expand operations in anticipation of (or in response to) bullish market conditions. “Hash rate surges post-halving have historically preceded price rallies. We may be entering a similar phase now,” observed Varun S., co-founder of a DeFi platform, in September. In his analysis, easing selling pressure from miners (as noted earlier) plus the right macro backdrop could mean “Bitcoin is primed for a decisive upward move” with network fundamentals leading the way.
Beyond mining, other fundamentals also paint a rosy picture.
The number of active Bitcoin addresses (a proxy for user engagement) has been trending near record highs, indicating a broad user base transacting on the network daily. Lightning Network usage (Bitcoin’s layer-2 for faster payments) has grown as well, improving Bitcoin’s utility for smaller transactions. Meanwhile, on-chain transaction volumes and the total value settled on Bitcoin have been enormous, at times rivalling major payment networks.
All these data points boil down to one thing: Bitcoin’s network is stronger and more widely used than ever.
Market Liquidity and Maturity
Another reason this bull run appears poised to endure is the overall maturation of the crypto market and vastly improved liquidity conditions compared to previous cycles. Simply put, Bitcoin’s market is deeper, more efficient, and less fragile than in the past. This maturity has translated into a bull run that, while spectacular, is also somewhat more measured – lacking some of the wild excesses that signaled the end of prior manias.
The upshot is a rally that could extend longer and handle large inflows or outflows without imploding.
One major change is the entry of professional market-makers and institutional trading firms, which has smoothed out price volatility. Liquidity on exchanges has increased significantly.
For instance, in April 2024 around the time of the halving, Bitcoin’s aggregated market depth (a measure of how much could be bought or sold with minimal price impact) jumped from roughly $324 million to $420 million within days.
This indicated substantially stronger liquidity, meaning the order books could absorb bigger trades without dramatic swings. By late 2025, global Bitcoin liquidity is near all-time highs, reflecting both the influx of institutional participants and the growth of derivative markets that help manage volatility.
This improved liquidity reduces the likelihood of flash crashes or sudden squeezes that used to plague crypto. In past cycles, thin liquidity often meant that when sentiment turned, prices could free-fall 50%+ in days as panic met empty order books. Now, with robust market depth and billions in volume trading daily, declines tend to be more orderly. Case in point: the October 2025 flash crash that briefly touched $105K was triggered by a wave of liquidations in altcoin markets, but Bitcoin rebounded swiftly within hours as buyers stepped in.
The presence of big, patient capital on the bid side is a new phenomenon that has kept Bitcoin’s uptrend much more intact. Stronger liquidity is crucial to supporting a sustained rise in Bitcoin’s price over the coming months, as blockchain data firm Kaiko noted – it boosts confidence and tamps down extreme volatility.
The market structure is also more mature. There are now regulated futures, options, and exchange-traded products that allow for hedging and arbitrage, which helps keep prices more stable and aligned across venues.
The availability of these instruments means investors can stay in the market with less fear, knowing they have tools to manage risk. It also means fewer forced sellers during downturns, since traders can short or use options to mitigate losses instead of panic-selling holdings.
Another sign of maturity: Less leverage and speculative frenzy (so far). While crypto certainly still has leverage, the 2025 bull run has (to date) seen fewer of the retail margin blowouts that characterized 2021. Many of the most excessive speculative actors were flushed out in the 2022 bear market. What’s left is a market with a larger share of long-term and institutional holders, who are more disciplined than the meme-coin day traders of yesteryear.
The fact that Bitcoin climbed above $100K with comparatively muted retail hype suggests the rally has been driven by steady accumulation rather than a fast-burning bubble.
One analysis tracking 30 different bull market top indicators found that 0 out of 30 had been triggered even after Bitcoin’s new highs, implying the kind of euphoric peak conditions hadn’t appeared yet. In a very real sense, the market is behaving more like a “grown-up” asset class now.
All this bodes well for the rally’s longevity. A mature market can sustain higher prices without collapsing under its own weight, as there are always buyers and sellers keeping things in balance. As a result, we may see a more gradual cresting of this bull run rather than a sudden pop. The enhanced liquidity and market infrastructure also make it easier for large new entrants to come in – another reason the rally could continue as fresh capital finds access. Bitcoin’s journey from a fringe asset to a globally traded macro asset is well underway, and the maturity gained in that process is helping prolong and stabilize its bull market.
Mainstream Corporate and Wall Street Embrace
No longer is Bitcoin the domain of cypherpunks and hobbyist traders alone – it has firmly entered the mainstream of finance and business.
This growing embrace by major companies, financial institutions, and even governments is a strong vote of confidence in Bitcoin’s future. In 2025, we’ve seen Fortune 500 CEOs touting blockchain strategies, blue-chip companies adding crypto offerings, and Wall Street titans publicly aligning with Bitcoin. Such widespread adoption and endorsement provide fundamental support for the bull run, as they broaden the base of investors and uses for Bitcoin.
One clear indicator is the surge of crypto-related public listings and corporate actions.
After years of wariness, U.S. crypto companies are now rushing to go public, encouraged by a more welcoming policy climate.
In mid-2025, the crypto exchange Bullish raised over $1 billion in a U.S. IPO. Circle, the major stablecoin issuer, had a blockbuster stock market debut that doubled its valuation to $18 billion.
These high-profile listings underscore how far the industry has come since the dark days of 2022’s bear market. Analysts note that rising mainstream adoption and deep-pocketed backers are “reshaping the sector’s fundraising landscape” and boosting demand for crypto equities. In essence, cryptocurrency businesses themselves are now seen as legitimate and lucrative plays on Wall Street.
Traditional tech and finance companies are also diving in. Payment giants like PayPal and Visa have rolled out crypto features (such as enabling Bitcoin buying or settling transactions in stablecoins), seamlessly blending crypto with everyday finance. Multiple banks, from Goldman Sachs to regional banks, launched crypto custody or trading services for their clients in 2024–2025.
Mastercard began supporting certain cryptocurrencies on its network, and Tesla – which famously bought $1.5 billion of Bitcoin in 2021 – has held onto its stash and hinted it may start accepting crypto payments again in the future. Even fast food and retail brands hopped on minor crypto promotions, reflecting a cultural acceptance that wasn’t there in prior years.
Perhaps most notably, the attitudes of investing elites have flipped. Not long ago, many famous investors dismissed Bitcoin as worthless or a scam. Now, several of those skeptics have either warmed up or at least conceded crypto is here to stay. Legendary value investor Bill Miller allocated a big chunk of his fund to Bitcoin, and hedge fund mogul Paul Tudor Jones likened owning Bitcoin to owning early tech stocks.
Larry Fink, CEO of BlackRock (the world’s largest asset manager), who once called Bitcoin an “index of money laundering,” now speaks of it more favorably; under his leadership BlackRock not only launched a Bitcoin trust but also advocated for its clients’ exposure to crypto as a potential “digital asset of the future.”
When the very institutions that Bitcoin aimed to disrupt begin embracing it, you know the paradigm has shifted.
This institutional stamp of approval and integration into corporate America significantly de-risks Bitcoin in the eyes of investors. It’s easier to hold an asset when you see household names and conservative funds holding it too. The involvement of companies also extends Bitcoin’s reach to their customer bases – for example, millions of PayPal and Cash App users have been introduced to Bitcoin through those platforms.
Meanwhile, corporate treasuries dabbling in Bitcoin (following the pioneering example of MicroStrategy, which by 2025 amassed well over 150,000 BTC) add another layer of demand beyond just speculative trading.
Bullish Analyst Predictions and Investor Sentiment
The mood in the market can often become a self-fulfilling prophecy. Right now, investor sentiment around Bitcoin remains largely bullish, not euphoric. Many respected analysts and institutions are publicly projecting significantly higher prices in the coming years – and such predictions both reflect and reinforce confidence in the bull run.
When conservative banks start talking about six-figure Bitcoin targets, it lends credibility to the rally and can draw in even more buyers who don’t want to miss the next leg up.
Across the board, price forecasts for Bitcoin in 2025–2026 have been revised upward. A survey of major analysts by CoinGecko highlights that predictions range from roughly $145,000 on the low end to over $1,000,000 on the high end, with a consensus clustering in the $180K–$250K range for 2025.
These are figures that would have sounded fantastical a few years ago – now they are discussed as reasonable outlooks by serious firms. For example, Fundstrat Global Advisors’ Tom Lee has been vocal about a $200K+ target, even suggesting Bitcoin could reach about $250,000 in 2025 under bullish conditions. Meanwhile, Standard Chartered, the multinational bank, made headlines by predicting Bitcoin will hit $100,000 and beyond; more recently, they doubled down with an updated call that Bitcoin could reach $200,000 by the end of 2025.
Such lofty targets from a well-known bank would have been unheard of last cycle.
These projections are not made in a vacuum – they’re usually tied to concrete catalysts like ETF inflows, halvings, or macro trends (many of which we’ve covered in earlier points). They serve to communicate a narrative that the best may be yet to come. When investors hear that “late 2025 could be the cycle peak” or that “Bitcoin might approach quarter-million dollars,” it can influence their strategy.
Rather than rushing to take profits and exit, many are inclined to hold or even add to positions, keeping the upward momentum intact. The psychology shifts from fear of a top to fear of missing out on further gains.
We can see this optimistic sentiment also in market data like futures spreads and fund flows. Bitcoin futures on institutions-friendly exchanges have often been in contango (prices for future delivery higher than spot), indicating traders expect higher prices ahead. Capital continues to pour into crypto investment funds; even after short-term price dips, there haven’t been massive outflows, suggesting that investors view dips as buying opportunities rather than end-of-cycle exits.
Even traditionally cautious voices have come around to a cautiously bullish stance.
Several Wall Street strategists known for sober analysis have acknowledged that Bitcoin’s upside risks remain compelling.
For instance, research from Citibank and Goldman Sachs in 2025 has mentioned Bitcoin’s potential to keep climbing as part of the broader trend of “digitalization of money,” albeit with volatility. When the establishment starts framing Bitcoin as a legitimate macro asset class (comparing its market cycles to commodities or tech stocks), it anchors expectations that this rally has more room rather than being some aberration due to end.
Another gauge of sentiment, the Crypto Fear & Greed Index, has mostly stayed in “Greed” territory during 2025 but not spiked to extreme levels for prolonged periods.
This implies positive sentiment without the runaway mania that often precedes a sharp reversal. In practice, the bull run has been underpinned by a sense of rational optimism: investors are bullish for identifiable reasons, not just blind exuberance.
Of course, sentiment can change, and overoptimistic forecasts don’t guarantee outcome. But in a bull market, bullish sentiment itself can be fuel – it encourages holding over selling, and entices new participants to join. As long as influential market players keep calling for higher prices and those calls seem justified by real factors, it creates a feedback loop supporting the uptrend. We are witnessing that in 2025. There is a broad feeling that the peak of this cycle is still ahead of us, not behind. Until that collective mindset shifts to irrational giddiness or complacency, the bull run likely has room to run.
Room to Run: No Retail Mania (Yet)
Finally, one of the most intriguing reasons to believe the bull run isn’t over is what hasn’t happened yet: we have not seen the kind of retail investor frenzy that marked the final blow-off phases of previous cycles. Despite Bitcoin pushing into six-figure price territory, the wider public’s engagement – as measured by things like Google search trends, social media buzz, and new user onboarding – has remained surprisingly subdued compared to the peaks of 2017 or 2021. This suggests that the proverbial “mania phase” of the bull market might still lie ahead, providing additional fuel when/if retail FOMO (Fear of Missing Out) truly kicks in.
Some data is telling.
When Bitcoin hit a then-record ~$119,000 in July 2025, Google searches for “Bitcoin” were well below their all-time high levels.
According to Google Trends, search interest was only scoring around 24 out of 100 globally at that time – nowhere near the 100/100 frenzy seen in May 2021’s crypto boom.
Even with a brief spike in early July as Bitcoin made headlines, the search index only reached 88 before cooling off again.
By mid-July, with Bitcoin above $110K, search interest slid back to moderate levels (around 55 on Google’s scale). In short, mainstreet curiosity has lagged far behind Bitcoin’s price ascent. Many average people either aren’t aware of Bitcoin’s new heights or aren’t chasing it with the same fervor as before.
This is a stark contrast to the end of 2017 or late 2021, when Bitcoin’s every move dominated mainstream news and cocktail party chatter.
Back then, crypto mania was evident: Coinbase became the #1 app on the Apple store, everyone from Uber drivers to grandparents were asking how to buy Bitcoin or shill altcoins, and Google searches rocketed off the charts. Those were classic signs of a market top – when the last marginal buyers (the general public) flood in, often right before a crash. In 2025, we simply haven’t reached that point yet. If anything, skepticism among the public lingers from the 2022 crash, and many retail investors remain tentative or underexposed to crypto.
Market observers have indeed pointed out that the current rally appears to be “institutionally grounded” and less hype-driven, with capital inflows led by professionals rather than a viral retail surge. Paradoxically, this more muted public enthusiasm may be a bullish indicator: it implies there’s a large pool of potential buyers still on the sidelines. Should Bitcoin continue rising or even just stabilize at a high plateau, it could eventually draw in a second wave of retail participation (as the fear of missing out mounts).
That influx could propel an “overshoot” in prices, characteristic of late-cycle melt-ups – but that would also mark the true peak. The key point is, we don’t appear to be there yet.
One anecdotal metric: crypto exchange sign-ups and activity among first-time users have grown, but not explosively. Major exchanges report steady new account growth in 2025, but nothing like the overwhelm of verification backlogs witnessed in past frenzies. Social media mentions of Bitcoin, while rising, haven’t hit the fever pitch of previous tops. Even meme-coin mania, a hallmark of retail speculation, has been relatively constrained this cycle compared to the Dogecoin/Shiba Inu crazes of 2021. All this indicates that retail euphoria remains on a low boil.
Of course, it’s possible that this cycle will be more institution-heavy and never see a retail spike of the same magnitude. Some experts argue that traditional “altseason” and retail blow-offs may be dampened by the new structure of the market (as we’ll discuss in the next section). However, given human nature, it’s hard to imagine a bull run ending without some broad public excitement.
As one crypto observer quipped: “Where’s the retail frenzy?” – the fact that we’re asking that at $100K+ means the top is likely still ahead. Until headlines of Bitcoin minting millionaires dominate pop culture and everyday folks start trading en masse, the market probably hasn’t hit the kind of exuberant climax that precedes a bear turn.
In summary, the relative lack of mania so far is oddly comforting for bulls. It implies that Bitcoin’s price has been driven by more stable hands and could potentially climb much higher once the wider public fully joins the party. If and when that late-stage FOMO wave arrives, it might mark the final leg of the bull run – but until then, Bitcoin’s ascent may continue in a more measured fashion. The “wall of worry” in this cycle (with skeptics and sidelined investors still in plenty) is actually healthy, providing room for the rally to run further before irrational exuberance truly takes hold.
Altcoins and the Prospect of Altseason
What does an extended Bitcoin bull run mean for the rest of the crypto market – the thousands of altcoins that together account for a large share of crypto wealth? Historically, major Bitcoin rallies have often been followed (or accompanied) by periods where alternative cryptocurrencies outperform, a phenomenon known as “altseason.”
In past cycles, once Bitcoin hit a certain stride or plateau, investors rotated profits into riskier small-cap coins, leading to explosive altcoin surges. However, in 2025 the script has not fully played out in the usual way, at least not yet. Bitcoin’s dominance (its share of total crypto market value) has remained elevated, and many altcoins have lagged behind the flagship crypto’s gains.
This raises the question: Is altseason delayed – or perhaps fundamentally different – this time around?
So far, Bitcoin’s market dominance has hovered around multi-year highs, roughly 55–60% of total crypto market cap. That is a notable shift from late stages of prior bull markets, where Bitcoin dominance typically fell sharply as capital flooded into “the next big thing” tokens.
For instance, in the 2017 blow-off, Bitcoin’s dominance dropped under 40% as Ethereum and a host of ICO-fueled coins went parabolic. In 2021’s spring frenzy, a similar pattern saw Bitcoin temporarily lose dominance to a frenzy of DeFi, NFT, and meme coins. But in 2025, Bitcoin has so far strengthened its dominance as its price climbed. One analysis attributed this to the impact of Bitcoin spot ETFs, which triggered a significant supply shock and drew in heavy institutional money primarily into Bitcoin itself.
Forbes reported that these ETFs have “extended Bitcoin’s dominance” in a way not seen before, noting that when BTC’s price is strong and stable, it tends to cause altcoins to sell off rather than rally. In other words, Bitcoin has been sucking the oxygen from the room, as large investors stick with the crypto blue-chip over speculative alternatives.
Another factor is the institutional preference for quality. Many of the big players entering crypto now are less interested in chasing tiny altcoins and more focused on assets with proven longevity (Bitcoin, Ethereum) or on diversified baskets.
A Bloomberg ETF analyst, James Seyffart, argued that what we’re seeing in 2025 is a form of altseason – but it’s manifesting via investments in crypto-related companies and broad index products rather than wild pumps of individual tokens.
He observed that some digital asset companies (so-called “treasury” firms holding crypto on their balance sheets) have outperformed, and that forthcoming ETFs for certain altcoins might not spark the same retail frenzy as past cycles. Essentially, institutionalization may be dampening the traditional boom-bust in smaller coins. With Wall Street in the game, money is flowing into regulated vehicles and larger-cap coins, and less so into random micro-cap projects.
That said, it may be premature to write off altseason entirely.
There are signs that if Bitcoin continues to rise or even stabilizes at a high level, investor attention could pivot to other parts of the crypto universe in search of higher returns. Typically, after Bitcoin has a big run and begins to consolidate, altcoins take center stage as traders rotate into “the next opportunities.”
We’ve started to see glimpses of that: for example, when Bitcoin stalled around the $110K–$120K range, some major altcoins like Ethereum, Solana, and XRP experienced upticks on speculation of their own catalysts (ETH finally got its ETF approvals, Solana saw ecosystem growth, etc.). Market analysts are “keenly observing a potential shift towards high-growth altcoins” now that Bitcoin profits have accrued, with contenders like Avalanche, Solana, and others being highlighted for their strong fundamentals and upside potential.
Industry veterans advise that altcoin rallies in this cycle may be more selective and fundamentally driven.
David Siemer, CEO of Wave Digital Assets, opined that we likely won’t see a “dramatic altcoin season like 2021” with Bitcoin dominance collapsing below 40% in the near future. However, he does expect that as BTC continues to rise, altcoins will also rise significantly in value – just perhaps not to the same outsized degree across the board. In his view, for altcoins to truly break out against Bitcoin again, we’d need to see substantial real adoption and revenue growth in those projects (which could take a few years). That suggests the era of random tokens mooned solely by hype might be fading; instead, the market might reward projects with tangible traction (like leading smart contract platforms, interoperability protocols, etc.).
Another change is the advent of altcoin-focused ETFs and investment products, which could divert some would-be direct altcoin buyers into more structured investments.
For instance, if an ETF holding a basket of top 10 altcoins launches (and a couple such products have been filed for approval), some investors might choose that route instead of picking individual winners – a behavior pattern more analogous to stock markets. This could moderate the once-violent boom-bust of smaller coins, but also means capital will still flow into the altcoin space, just in a more measured way.
In practical terms, a prolonged Bitcoin bull run sets a positive backdrop for altcoins, but it doesn’t guarantee an old-school altseason.
We may instead see a series of mini-cycles or sector rotations: e.g., one month decentralized finance (DeFi) tokens rally on some news, another month gaming or layer-2 tokens have their moment – all while Bitcoin hums along strongly in the background. The days of nearly every altcoin doubling in a week (as happened at peak mania previously) may not repeat so uniformly.
However, if Bitcoin truly soars to levels like $200K, it’s hard to imagine no frenzy at all in altcoins – retail traders historically love chasing lower-priced coins for the allure of higher percentage gains.
So a scenario could unfold where, once Bitcoin’s climb begins to slow, a late-stage altcoin blowout finally occurs – perhaps in 2026 if the cycle extends. That could be the final chapter of the bull run, where exuberance spills over into everything from large-cap alts to obscure microcaps (likely followed by a correction).
In summary, an extended Bitcoin bull run gives altcoins more runway to eventually rally, but the dynamics are different this time. Bitcoin’s dominance, institutional focus, and regulatory framework have all altered how and when altseason might unfold. It may be delayed, more muted, and focused on higher-quality projects. Yet many believe it will come in some form – markets move in cycles of attention. For now, Bitcoin is the undisputed leader of this bull market. But if and when the king of crypto takes a breather, don’t be surprised if some of its court – the best of the altcoins – seize the moment to shine, albeit under new rules of engagement.
Conclusion
Bitcoin’s 2025 bull run has been nothing short of historic, propelling the original cryptocurrency into six-figure price territory and a market capitalization in the trillions. Unlike some prior episodes, this rally appears to be underpinned by robust fundamentals and broad-based support.
As we’ve outlined, there are myriad reasons to believe the bull run isn’t dead yet: Institutional investors are still pouring in, macro conditions are tilting favorable, supply is constrained, network health is at a peak, and neither regulators nor the general public have thrown up roadblocks – in fact, they’re increasingly on board. In many ways, Bitcoin finds itself in the most promising position of its fifteen-year life: respected by Wall Street, accommodated by policymakers, utilized by a growing global base, and still scarce and innovative enough to capture imagination and capital.
Of course, no bull market lasts forever. Prudent investors know that parabolic rises can be followed by sharp corrections, and today’s exuberance can seed tomorrow’s complacency. Risks remain on the horizon – whether a sudden shift in macroeconomic winds, a regulatory setback, or some unforeseen crisis that tests the crypto ecosystem’s resilience.
Volatility is the price of admission in crypto, and even within a continued bull trend, steep pullbacks will occur (as the October flash crash reminded us). It’s also possible that the market could overextend if and when retail FOMO truly ignites, leading to a blow-off top.
Yet, absent a drastic change in the narrative, the current evidence tilts bullish. Bitcoin’s adoption curve continues to bend upward, and its integration into legacy financial systems reduces the odds of an abrupt implosion. Many analysts now speak of a potential “supercycle” or extended cycle, where the peaks and troughs even out into a longer, more sustainable growth arc for crypto.
If 2025 has demonstrated anything, it’s that Bitcoin is increasingly behaving like a mature macro asset – one that responds to liquidity and demand, yes, but also one supported by tangible developments in infrastructure and acceptance.