Bitcoin (BTC) Could Reach $210,000 by 2025, Says Presto Research Head

Peter Chung, head of research at quantitative trading firm Presto, reiterated his prediction that Bitcoin will reach $210,000 by the end of 2025.

In an interview with CNBC on April 28, Chung cited institutional adoption and global liquidity expansion as the main drivers of his long-term bullish view.

The analyst acknowledged that market conditions this year have not been as expected, especially facing a challenging macroeconomic environment and market reaction.

However, he described the recent adjustments as "healthy" corrections, arguing that they lay a more solid foundation for Bitcoin's progress toward mainstream financial assets.

"From now on, I think this is actually a healthy correction, paving the way for further re-rating of Bitcoin as a mainstream asset," he said.

Bitcoin's Dual Role

Chung also discussed the dual nature of Bitcoin, describing it as both a "risk asset" and "digital gold."

He said that Bitcoin often behaves like a high-risk asset, driven by user adoption and network effects.

However, during times of financial instability, such as the outbreak of the Russia-Ukraine conflict in 2022 or the collapse of Silicon Valley Bank in 2023, Bitcoin tends to behave like a safe haven asset, similar to gold.

“These moments are rare,” Chung explained, “[they] only occur when markets have doubts about the stability of the dollar-dominated financial system.”

Despite Bitcoin lagging behind gold during recent market turmoil, Chung believes that Bitcoin could “catch up” and potentially surpass the traditional safe haven asset before the end of the year.

Chung also reiterated Presto’s forecast for Ethereum (ETH) price target, maintaining a valuation model based on the ETH to BTC ratio, reflecting confidence in the continued improvement of the Ethereum network.

Bitcoin Reaches $94,000 Amid Extended Institutional Adoption

Echoing Chung’s sentiments, Hunter Horsley, CEO of Bitcoin investment firm Bitwise, said in a recent X-Platform post that Bitcoin’s surge to $94,000 was accompanied by minimal retail participation, noting that Google searches for “Bitcoin” remain near long-term lows.

According to Horsley, the current rally is being driven by institutional investors, financial advisors, companies, and even countries.

“The types of investors buying Bitcoin are expanding,” Horsley said.

According to BitcoinTreasuries.NET, corporate Bitcoin reserves already hold nearly $65 billion in Bitcoin.

On April 22, analysts at Standard Chartered Bank and Intellectia AI said that institutional Bitcoin demand from exchange-traded funds and traders seeking to hedge against macroeconomic risks could cause the price of Bitcoin to double this year.