• Bitfinex analysts believe Bitcoin could reach between $140,000 – $200,000 by mid-2025
• “Consistent buying pressure” with ETFs will see future Bitcoin price correction “shorter in duration”
• If Bitcoin follows the 2021 cycle, it has the potential to reach $339,000

Bitcoin could surge to $200,000 under “favorable conditions,” according to a new report from Bitfinex analysts.

In its Bitfinex Alpha report, published on December 16, analysts noted that Bitcoin has achieved unprecedented milestones in 2024, surpassing a $2 trillion market capitalization and reaching a new all-time high of above $100,000.

The analysts added that Bitcoin exchange-traded funds (ETFs) have emerged as a dominant force, with US spot ETF inflows reaching $35.5 billion.

“Looking ahead, we believe the current run-up to over $100,000 has captured a significant portion of Bitcoin’s price appreciation for this cycle,” the analysts wrote. “Our minimum price target for Bitcoin remains at $140,000 – $200,000 around mid-2025.”

Bullish movement post-halving

Looking to 2025, the analysts believe that any corrections will “remain mild, thanks to institutional inflows.” They also point out that as 2024 was a halving year for Bitcoin, “historically the following year post halving has been bullish.”

“In previous cycles, once Bitcoin entered price discovery following a halving, corrections before mean reversion to new ATHs were relatively contained,” the analysts wrote. “In the 2017 cycle, the maximum correction was 33.2 percent, while the 2020 cycle saw a slightly smaller correction of 27.1 percent.”

According to Bitfinex, Bitcoin’s current bull cycle, which started in mid-to-late 2023, the asset’s corrections have been smaller since the launch of Bitcoin ETFs in January. Analysts believe that with “consistent buying pressure,” future corrections will be “limited and potentially shorter in duration.”

Bitcoin at $339,000?

Bitfinex predicts Bitcoin’s price could peak at $339,000, if it follows the pattern of the 2021 cycle; however, if it follows the 2017 cycle with diminishing returns, Bitcoin could hit around $290,000 by 2026.

At the time of publishing, Bitcoin is trading under $104,000, according to data from CoinMarketCap. Yesterday, the crypto asset reached a new all-time high of above $108,000.

Market sentiment has surged since President-elect Donald Trump won the US election in November. Since then, Trump has appointment several pro-crypto candidates in the run up to his administration entering the White House in January.

Earlier this month, Trump named pro-crypto Paul Atkins as the next Chair of the US Securities and Exchange Commission (SEC). He’ll take over from current Chair Gary Gensler who’s stepping down on January 20.

Trump also has Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy leading the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.” Meanwhile, David Sacks will be the lead policy advisor on artificial intelligence and crypto.