Bitwise CIO: “We’re Forecasting Bitcoin to Hit Over $200,000 This Year”

Bitcoin surged to a fresh all-time high this week, stoking optimism among crypto analysts and market leaders who predict the rally could push prices significantly higher before year-end.

As of now, bitcoin (BTC) trades around $118,000, holding near record levels and setting the stage for potential new highs over the weekend.

On Friday, Eric Balchunas, Senior ETF Analyst at Bloomberg, reported on X that BlackRock’s spot bitcoin ETF (IBIT) had become the fastest fund ever to reach $80 billion in assets under management (AUM). For perspective, Vanguard’s S&P 500 ETF (VOO) previously held the record, needing 1,814 days to hit the same milestone.

This milestone came as bitcoin set a new all-time high of $118,667.

Speaking to CNBC and Yahoo Finance, Matt Hougan, Chief Investment Officer of Bitwise Asset Management, shared a bullish forecast, stating that bitcoin could top $200,000 by the end of 2025.

Meanwhile, hedge fund manager James Lavish suggested an even more ambitious outlook, comparing bitcoin’s potential price ceiling to the U.S. debt ceiling—implying there may ultimately be no upper limit to BTC’s long-term valuation.

Technical Analysis Highlights

Over the 23-hour period from July 11 at 11:00 UTC to July 12 at 10:00 UTC, bitcoin traded in a relatively tight range of $1,633.46, equivalent to about 1% fluctuation. The session’s high reached $118,226.29, while the low dipped to $116,592.83, according to CoinDesk Research’s technical analysis.
The most intense trading activity occurred early in the session, particularly around 13:00 and 15:00 UTC on July 11. Trading volumes spiked well above the 24-hour average of 7,291, driving sharp intraday swings and establishing crucial support near $116,726.00 and resistance at $118,226.00.
Following this volatility, bitcoin entered a phase of consolidation, with volumes declining and price action largely confined between $117,400.00 and $117,900.00. In the closing hours, BTC regained upward momentum, climbing back toward $118,025.00 and signaling potential for further gains.
In the final hour of trading, from 09:57 to 10:56 UTC on July 12, bitcoin experienced heightened volatility. Prices briefly dropped from $118,121.16 to a low of $117,835.74 at 10:14 UTC, before bouncing back into a new consolidation zone between $118,000.00 and $118,070.00.
The session reflected classic technical dynamics, with significant volume spikes of 392.48 and 382.49 accompanying the quick drop around 10:12–10:14, suggesting institutional activity. A rapid recovery above $118,035.00 on lighter volume indicates resilient buying support and a bullish undertone heading into the weekend.