Isabella García
Bitcoin has stepped into the final quarter of 2025 with strong signs of upward momentum, according to on-chain analytics firm CryptoQuant. Analysts suggest the leading cryptocurrency could surge to between $160,000 and $200,000 by the end of the year if current demand levels persist.
Spot demand for Bitcoin has been accelerating since July, with monthly demand growing by more than 62,000 BTC, CryptoQuant reported. Historically, similar demand spikes have preceded major fourth-quarter rallies in 2020, 2021, and 2024.
Whale Accumulation and ETF Inflows Add Strength
Large Bitcoin holders — commonly referred to as whales — are also expanding their positions. Holdings are growing at an annual pace of 331,000 BTC, significantly higher than 255,000 in Q4 2024 and 238,000 in Q4 2020. This contrasts sharply with 2021, when whales reduced their holdings by nearly 197,000 BTC.
Meanwhile, U.S.-listed bitcoin ETFs continue to post strong inflows. In Q4 2024, ETFs purchased 213,000 BTC, marking a 71% increase over the previous quarter. If similar activity continues, this quarter could see equally aggressive accumulation, according to CryptoQuant’s Head of Research Julio Moreno.
Breaking Key Price Levels Unlocks Bullish Phase
From a technical standpoint, CryptoQuant noted that bitcoin needed to break past the “trader’s on-chain realized price” of $116,000 to officially re-enter a bull cycle. With BTC now trading near $117,300, analysts believe the door is open for a move toward the $160,000–$200,000 range in Q4.
Bull Score Index Signals Momentum Shift
CryptoQuant’s “Bitcoin Bull Score Index” ended Q3 in the 40–50 range, the same level seen in late 2024 before bitcoin jumped from $70,000 to $100,000. The firm explained that these levels mark the threshold for bullish conditions.
Supporting this view are expanding bitcoin demand, higher stablecoin liquidity, and reduced unrealized trader profits, all of which suggest lower selling pressure in the market.
Broader Forecasts Point to $200K and Beyond
CryptoQuant is not alone in its bullish outlook. Standard Chartered Bank, Bitwise, and Fundstrat’s Tom Lee have also forecasted that bitcoin could hit $200,000 by the end of 2025. Looking further ahead, Standard Chartered projects bitcoin reaching $500,000 by 2028, citing wider institutional adoption and reduced volatility as key drivers.
