Not long after Bitcoin’s climb past $100,000, some analysts are predicting that the asset’s price could double in a year’s time.

In a Thursday research note, Standard Chartered’s Global Head of Digital Assets Research Geoff Kendrick wrote that Bitcoin’s record-setting rally has been bolstered primarily by flows from institutional investors, who are flocking to spot ETFs. Meanwhile, the laser-eyed, Bitcoin-buying firm MicroStrategy has been vacuuming up the asset at a faster-than-expected clip.

“In 2025, we expect institutional flows to continue at or above the 2024 pace,” Kendrick wrote, noting that regulatory shifts under President-elect Donald Trump could stoke stronger flows. “Against this backdrop, we think our end-2025 Bitcoin price target around the $200,000 level is achievable.”

Since MicroStrategy, a self-described Bitcoin development firm, unveiled a $42 billion plan to buy Bitcoin over the next three years using equity and debt, the company has been “running well ahead” of schedule, Kendrick wrote. Indeed, the company’s trove of 402,100 Bitcoin, worth over $40.5 billion, has grown by 150,000 Bitcoin since Election Day—a more than $15 billion jump.

When it comes to Bitcoin flows beyond MicroStrategy, the Standard Chartered analyst sees pension funds allocating to spot Bitcoin ETFs at a heightened pace in 2025. If U.S. retirement funds or global sovereign wealth funds notch notable allocations too, Standard Chartered would grow even more bullish on Bitcoin’s price, Kendrick wrote. 

As one of President-elect Donald Trump’s many crypto promises, a U.S. strategic reserve of Bitcoin would also be particularly bullish, Kendrick added, even though he sees it as a “low-probability” event.

On Wednesday, Coinbase CEO Brian Armstrong wrote on X (formerly known as Twitter) that “every government” should consider establishing a Bitcoin strategic reserve.

As the Standard Chartered analyst focused on Bitcoin’s price by the end of 2025, others focused on what the move above (and below) $100,000 could mean in the short term.

Matt Mena, a crypto research strategist at 21Shares, pointed to the $100,000 mark as a key psychological milestone for Bitcoin Thursday. In a statement, he said that the historic breakthrough could “attract a new wave of investors,” who had previously been sitting on the sidelines.

Those who are already in the Bitcoin market, however, might take profits as the asset crosses the $100,000 barrier, according to Brent Kenwell, an investment analyst at eToro. In a statement, he said Thursday, “It would not be surprising to see Bitcoin—which is up more than 40% since the election—see a bit of a pause.”

After peaking around $103,600 Thursday, the price of Bitcoin slipped as low as $93,000. But on Friday afternoon, BTC again touched $102,000 after creeping upward following Thursday’s surprise flash crash, and it still remains above the $100,000 mark as of this writing.

Prior to the asset’s fall below Wednesday’s historic mark, FXTM Senior Market Analyst Lukman Otunuga had said in a statement that a deeper pullback could be in the cards. That prediction quickly proved accurate.

“A strong weekly close above $100,000 may signal further upside,” he wrote. “However, should prices slip below this key level—bears could target $95,000.”

Edited by Andrew Hayward