Bitcoin and crypto prices have dropped back from their post-Donald Trump election victory peaks, with traders braced for a “major” 2025 move.

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The bitcoin price has plummeted from an all-time high of over $108,000, dropping toward $90,000 per bitcoin and wiping around $500 billion from the combined crypto market amid warnings a bitcoin price crash could be imminent.

Now, as the Federal Reserve fears its “biggest nightmare” could come true in 2025, analysts have warned the bitcoin and crypto market has “delusional expectations” for Trump’s incoming administration.

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“It’s highly likely that the market has delusional expectations for the pace of policy changes and will overprice the impact running into the inauguration,” K33’s head of research Vetle Lunde wrote in a December note to clients.

Trump is due to be inaugurated as U.S. president on January 20, with the crypto industry betting on him issuing a flurry of executive orders and directives—though if these fail to materialize, the bitcoin price could plummet.

“We expect the current rally to peak in mid-January before the inauguration and view that area as a natural area to reduce risk and realize profits for the short term,” Lunde wrote.

Trump has vowed to make the U.S. into the world’s bitcoin and crypto capital during his second term, with his recently confirmed plan to establish a bitcoin strategic reserve similar to the country’s oil reserve helping to spur a bitcoin price boom.

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Lunde’s bearish bitcoin price prediction echos a similar warning from former BitMex chief executive Arthur Hayes, who earlier this month warned of a January bitcoin price crash.

“I believe the crypto markets will experience a harrowing dump around Trump’s January 20 2025 inauguration day,” Hayes, who now runs the Maelstrom family office, wrote in a blog post.