Bitcoin (BTC) has been turning heads with last week’s landmark move beyond $100,000, a milestone that might have seemed like a fantasy only a few years ago.
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But throughout its relatively short history, the OG crypto has made a habit of proving the doubters wrong. There have been countless times Bitcoin has been pronounced “dead” only for it to rise again and claim new highs.
But maybe it shouldn’t be all that surprising to see Bitcoin flirting with six-figure territory, says Bernstein analyst Gautam Chhugani, who notes that “one of the reasons we all love markets is that the impossible and the unprecedented happen… pretty regularly.”
In fact, Chhugani sees this moment not as a peak but as a stepping stone toward far greater heights. The ongoing bull run, he argues, is backed by an exceptionally favorable environment. Investor sentiment had already been riding high following Trump’s election victory, with Bitcoin repeatedly testing the $100,000 threshold. The breakthrough finally arrived after President-elect Trump announced Paul Atkins as his pick for SEC chair. Unlike his predecessor, crypto critic Gary Gensler, Atkins is a known advocate for cryptocurrency and blockchain innovation – a shift that has fueled market optimism.
“This appointment,” says Chhugani, “and the broader regulatory direction under Trump 2.0, is materially positive for the wider crypto industry and the longer tail of crypto/blockchain assets, that dealt with ‘regulation by enforcement’ so far.”
For crypto to evolve beyond just having Bitcoin as a “store of value,” what is needed is “more regulatory clarity.” The SEC has accused crypto exchanges of operating an unregistered securities exchange, but the lack of clear rules makes it difficult to distinguish between utility and security tokens. The ongoing conflict between the SEC and the crypto industry has driven many entrepreneurs to leave the U.S. So, clear, pro-crypto legislation and a cooperative SEC could bring blockchain innovation back to the U.S. and support the industry’s growth.
But back to Bitcoin and the question of how far it can go, Chhugani is convinced that it still has a way to climb. How high? A cycle-high of $200,000 by late 2025, although Chhugani makes the point that his “conviction in Bitcoin is beyond cyclical gyrations.”
“We expect Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing Gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” the analyst summed up. (To watch Chhugani’s track record, click here)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
