Crypto asset manager Bitwise believes Bitcoin (BTC) remains on track to hit its price target in 2025.

In a new report, Bitwise executives Matt Hougan and Ryan Rasmussen double down on their prediction that Bitcoin will hit $200,000 within six months, a more than 88% increase from its current value.

“It’s been a mixed year for crypto asset prices…

We’re optimistic, however, that things are setting up for a very strong H2 (second half of the year). Progress in D.C. around crypto legislation, rising demand from institutional investors for crypto exposure and extreme bullishness around stablecoins are combining to create a strong environment for gains.

The bottom line: we’re holding firm to our BTC $200,000 prediction, as there is simply too much institutional demand for BTC to keep prices flat for long.”

The investors also say that there are bullish catalysts that may spark explosive rallies for Ethereum (ETH) and Solana (SOL) in the second half of 2025. However, they are unsure if ETH and SOL can hit fresh all-time highs.

“We’re less confident on ETH and SOL, but hope that rising interest in stablecoins, ETF (exchange-traded fund) approvals and the emergence of ETH and SOL treasury companies can drive prices substantially higher.”

Bitcoin is trading for $105,996 at time of writing, down 1.5% in the last 24 hours.

Meanwhile, ETH is trading for $2,423 at time of writing, down 2% on the day, and SOL is trading $147 at time of writing, down 6.8% in the last 24 hours.

The analysts also believe that top US crypto exchange Coinbase will eventually trade for $700 per share and surpass Charles Schwab’s total value, but that it’s unlikely to occur this year.

“COIN’s stock has done well, doubling Schwab’s market return (44% against 22% for the old-school brokerage)…

Schwab’s stock has done a bit better than we expected. As a result, the gap between Coinbase’s value ($90 billion) and Schwab’s value ($164 billion) is probably too wide to cross by year-end.”

COIN is trading for $337 at time of writing.

Lastly, the executives are also staying committed to their prediction that the market cap of tokenized real-world assets (RWAs) will surpass $50 billion this year.

“Tokenized RWAs were a $13 billion market at the start of 2025. Today, they’re at roughly $25 billion. We think adoption here will accelerate in H2.”

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