Source: Cointelegraph
Original: “Bitwise CIO: Bitcoin (BTC) Supply Crunch Boosts Confidence in $200K Target for 2025”
Bitwise's Chief Investment Officer Matt Hougan predicts that Bitcoin (BTC) will reach $200,000 by the end of 2025, driven by increased institutional demand leading to a supply shock.
In an interview with Cointelegraph at the 2025 Toronto Consensus conference, the executive stated that Bitwise's Bitcoin price prediction model is entirely based on supply and demand indicators. Hougan outlined specific data driving this prediction:
“I believe this will ultimately exhaust sellers at the $100,000 level where we have been stagnant, and I think the next stopping point will be $200,000,” the executive added. Bitwise is one of the issuers of Bitcoin exchange-traded funds (ETFs) in the U.S. market, and as of May 14, its Bitwise Bitcoin ETF (BITB) manages nearly $4 billion in assets.
Hougan also mentioned that this institutional demand provides liquidity to the market, likely making Bitcoin's four-year halving cycle (which can see significant pullbacks of up to 90% between cycles) a “thing of the past.”
One of the key corporate players driving Bitcoin demand is Strategy. The company was the first to launch a BTC reserve strategy, and according to SaylorTracker, it currently holds 568,840 BTC in its corporate treasury.
Author and Bitcoin analyst Adam Livingston recently stated that Strategy has “synthetically halved Bitcoin” by accumulating more than the newly mined supply.
Livingston added that Strategy has accumulated 379,800 BTC in the past six months, and if this rapid accumulation continues, it is likely to control the Bitcoin lending market.
“The global capital cost of BTC will no longer be determined by the ‘market.’ It will be set by the gravitational policy of the first Bitcoin superpower—Strategy,” Livingston wrote.
The impact of Strategy on Bitcoin supply is so significant that market analyst Ki Young Ju stated that Bitcoin's supply is now deflationary, with an annual deflation rate of -2.33%.
This increase in demand has led some analysts to predict that Bitcoin's price will reach $1 million within the next decade.
However, analyst and investor Arthur Hayes recently predicted that BTC will reach $1 million within three years. Arthur believes that the deteriorating macroeconomic environment and liquidity injected by central banks will continue to drive prices higher.
Related: Bitcoin (BTC) Asset Allocation Shift Leads to Over 60% Surge in Luxury Watch Manufacturer's Stock Price
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