• Bitcoin price projections revealed a range of $145k to $249k by 2025
• CryptoQuant’s analysis linked BTC growth to realized cap and declining miner reserves

Bitcoin [BTC] investors may be looking at an explosive market by 2025, with new data revealing potential price targets that could push BTC into uncharted territory. With projections showing Bitcoin’s market cap hitting nearly $5 trillion under optimal conditions, the question is no longer ‘if’ but ‘how high?’

The latest insights come from Ki Young Ju, Founder and CEO of Cryptoquant. He shared a range of possible outcomes for Bitcoin’s realized cap growth. These scenarios suggest BTC could skyrocket to as much as $249,000 by 2025, with a conservative estimate still placing the cryptocurrency’s price at $145,000.

An overview of core insights

CryptoQuant’s model presents three Bitcoin scenarios for 2025, based on realized cap growth and market multipliers. In the “upper” scenario, a $520 billion realized cap growth, multiplied by six, would push Bitcoin’s market cap to $4.969 trillion and its price to $249,000.

While the chart simplified these scenarios, the implications are profound.

The “upper” target assumes a continuation of institutional adoption, bolstered by the incoming pro-crypto U.S administration and strong capital inflows. At $197,000 in the mid-tier scenario, Bitcoin would still be a standout performer in financial markets, reflecting steady growth even in a moderately bullish climate.

The conservative projection, with a $145,000 target, highlights Bitcoin’s resilience and ability to retain investor interest despite potential macroeconomic headwinds.

Analyzing key metrics

At press time, the Net Realized Profit and Loss indicated heightened profit-taking during Bitcoin’s rallies, showing strong market confidence at higher price levels.

Spikes in NRPL often correspond with new peaks in BTC’s price, signaling robust investor participation.

Simultaneously, the decline in miner reserves highlighted supply-side constraints as miners increasingly liquidate holdings, likely in anticipation of higher prices. This declining trend in reserves aligns with a fall in selling pressure, creating a favorable environment for upward price momentum.

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Read Bitcoin’s [BTC] Price Prediction 2025-26

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Comparison to past cycles

Bitcoin’s historical bull runs in 2017 and 2021 revealed a pattern of exponential growth driven by adoption cycles and macroeconomic factors. The 2017 peak of $20,000 marked Bitcoin’s emergence as a speculative asset, fueled by retail euphoria. In contrast, the 2021 peak of $69,000 was characterized by institutional adoption, widespread acceptance of crypto as an asset class, and narratives surrounding inflation hedging.

CryptoQuant’s 2025 projections suggest the next growth phase could surpass prior cycles in scale and maturity. The upper target of $249,000 is in line with Bitcoin’s long-term logarithmic growth curve and reflects increasing scarcity, amplified by halving events and constrained miner reserves.

Unlike past cycles, the 2025 trajectory hinges on structural shifts – like the anticipated pro-crypto regulations and capital inflows via ETFs – that may drive sustained demand.