Many major banks anticipate that Bitcoin will rise to as high as $200,000 by year-end, driven by record ETF inflows and capital rotation from gold markets.
Market Analysis
Key takeaways:
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Wall Street’s year-end Bitcoin forecasts range from $133,000 to as high as $200,000.
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Most agree that persistent Bitcoin ETF inflows and gold correlation may shoot BTC to new record highs.
Bitcoin () has bounced by over 13% in the past seven days and is inching toward its record high of $124,500.
Bitcoin is poised to reach new record levels by the end of 2025, according to top Wall Street and UK financial institutions.
Citigroup sees BTC reaching $133,000
Citigroup Bitcoin to end 2025 at around $133,000, setting a new record high. That implies a relatively modest 8.75% upside from current price levels at around $122,350.
The banking giant’s base case projects steady growth supported by and , which it sees as the key structural drivers of Bitcoin’s next leg higher.
As of Saturday, all US-based Bitcoin ETFs were managing over $163.50 billion in BTC. Citi estimates that fresh ETF inflows will be about $7.5 billion by year-end, helping to sustain demand.
However, Citi’s bear case puts Bitcoin as low as $83,000 if recessionary pressures intensify and risk sentiment fades.
JPMorgan analysts: Bitcoin to $165,000 in 2025
Bitcoin remains undervalued relative to gold when adjusted for volatility, to a team of JPMorgan Chase strategists led by managing director Nikolaos Panigirtzoglou.
The Bitcoin-to-gold volatility ratio has dropped below 2.0, meaning Bitcoin now absorbs about 1.85 times more risk capital than gold, they wrote in the latest report published on Wednesday.
Based on this ratio, Bitcoin’s current $2.3 trillion market capitalization would need to climb by roughly 42%, implying a theoretical BTC price of around $165,000, to match the estimated $6 trillion in private gold holdings across ETFs, bars, and coins.
Gold, often viewed as , is up roughly 48% year-to-date, putting it on track for its best annual performance since 1979.
However, the yearly for the XAU/USD pair has climbed to nearly 89, its most overbought reading since 2012.
This is a level that historically preceded deep, multiyear corrections of 40–60%. Therefore, gold’s uptrend may lose steam in the coming weeks.
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Meanwhile, in recent years, further reinforcing JPMorgan’s outlook for a year-end Bitcoin rally if capital rotates from the precious metal.
JPMorgan’s bullish outlook also assumes a steady stream of spot ETF inflows as the in the coming months.
Standard Chartered leads with a bold $200,000 call
Standard Chartered remains the most optimistic among major banks, predicting .
Like Citigroup and JPMorgan, the bank’s analysts cite sustained ETF inflows—averaging over $500 million per week—as a key driver that could lift Bitcoin’s total market capitalization closer to $4 trillion.
Growing , alongside a weakening US dollar and improving global , could set the stage for another parabolic move similar to Bitcoin’s 2020–2021 bull run, the analysts explain.
Standard Chartered’s analysts frame the $200,000 scenario as a “structural uptrend” rather than a short-term speculative rally.
VanEck sees Bitcoin climbing to $180,000 in 2025
Asset manager VanEck that Bitcoin could reach around $180,000 by 2025, citing post-halving cycle dynamics.
The firm argues that the has set the stage for a supply squeeze, with ETF demand and digital asset treasuries providing the structural fuel for the next leg of the upward trend.
Bitcoin’s performance since the halving is once again mirroring previous four-year cycles, as shown in the chart below.
Historically, Bitcoin has reached its cycle peaks between 365 and 550 days after a halving. As of Saturday, it has been 533 days since the halving, placing it firmly within the historical window for big rallies.
Saad Ahmed, Gemini’s head of APAC, that Bitcoin’s cycle could extend beyond that range, noting that its four-year rhythm is “driven more by human emotion than pure math” and will “very likely continue in some form” into 2026.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
