The bull run is “well and truly underway,” with bitcoin ( BTC) potentially rallying to $140,000 by year-end and a “conservative” cycle top of $200,000, according to the latest bull-run predictions report from Derive Insights. The report, which also projects the top crypto asset to hit $250,000 if institutional flows persist, identifies three core factors creating what it calls the “strongest tailwinds the industry has seen in years.”

According to the report, the anticipated interest rate cut by the U.S. Federal Reserve will likely lead to lower rates, effectively reducing the cost of borrowing. As of Sept. 15, data on the prediction market Polymarket showed a 90% chance that the Federal Open Market Committee (FOMC) would cut interest rates by 25 basis points at its meeting on Sept. 17. In theory, cutting interest rates would make holding U.S. debt less appealing therefore pushing investors toward riskier assets, including crypto, artificial intelligence, and tech stocks.

The Derive Insights report also sees the sizable crypto investments made by the Trump family and members of the Trump administration as a contributing factor. Unlike the Biden administration, which adopted an anti-crypto posture, a Trump-led U.S. government is “actively bull posting,” which bodes well for the industry. Finally, the report lists the digital asset treasuries (DAT) narrative as the third factor supporting the bull run.

Despite the bullish outlook, the report flags several looming risks that could destabilize the crypto treasury landscape. Chief among them is the growing number of companies emulating Michael Saylor’s aggressive strategy of issuing options to lenders. This oversaturation could drive many firms to trade below a market-to-net-asset-value (mNAV) ratio of 1—a critical threshold signaling investor distrust and undervaluation.

In such scenarios, companies may be forced to liquidate their digital asset holdings to repurchase their own stock, triggering a “negative feedback loop.” This cycle not only undermines their balance sheets but also exerts downward pressure on the broader market, potentially dragging down prices for other Digital Asset Treasuries (DATs) and amplifying systemic volatility.

The Derive Insight report also highlights the concentration of recent market strength among a handful of tech companies—including Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia, and Tesla—which has raised “bubble concerns.” A correction in this sector “would cascade into crypto.”

Compounding this risk is a resurgent dollar strength, which “tightens global liquidity and drags on equity valuations.” The report warns that under a combination of these scenarios, BTC could retest $90,000.

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