How Much Will Bitcoin be Worth in 2025? 2030?

How Much Will Bitcoin be Worth in 2025 2030

Bitcoin had a good year in 2023. The next two years look to be even better.

Crypto investors have much to look forward to in 2024. First, there is the expected approval of a Bitcoin ETF by the Securities Exchange Commission, which could lead to an influx of capital from institutional investors. 

Then, in April 2024, the production of new Bitcoins will be cut from 6.25 to 3.175 per block, a milestone known as the “halving event.” This curtailment of new supply will set the stage for the once-every-four-years crypto bull market expected to commence in 2025.

So, what will Bitcoin’s price be in 2025? 

Most BTC price targets see the value of Bitcoin surpassing $100,000 in the next bull cycle. We’re no different. We think the leading cryptocurrency by market capitalization could reach between $108,000 and $219,000 for each coin.

But this isn’t just a wild guess. It’s based on two factors: (1) the expected cost to produce a single coin following the Bitcoin halving and (2) a maximum premium of 300% over the cost of production that Bitcoin typically achieves at its cycle peak. (We discuss both factors in detail later in this article).

Furthermore, our Bitcoin price forecast includes two interesting observations about WHEN we might see a new all-time high in the price of BTC. 

We expect Bitcoin will surpass its previous high of $69,000 by December 2024. At that point, BTC will begin to achieve new heights, and a new bull run in the broader crypto market will commence.

Then, we expect Bitcoin’s value to reach its ultimate cycle peak of $108,000 to $219,000 per coin during the month of October 2025.

At this time of writing, the current Bitcoin price is roughly $42,000 per coin. So this represents a price increase of 157% to 420%, which is fairly modest given the gains of previous cycles. Nevertheless, the bullish trend will fuel other crypto assets such as Ethereum and Solana, giving retail investors a chance to earn healthy profits.

So if you want to know how to prepare for the coming months (and indeed, upcoming years), keep reading. We will walk you through our main ideas and offer you a comprehensive Bitcoin price prediction.

Bitcoin Price History

My first purchase of Bitcoin was on February 18, 2014, in the midst of the first-ever crypto winter. According to Coinbase records, I bought 4.50 BTC for the princely sum of $626 each. I followed this with a purchase of another 6.50 BTC on April 3, 2014.

Sadly, I did not hold onto those coins for the long term and sold them after achieving a small gain. I sold because at the time I was primarily a stock market investor, and my mindset was focused only on the short term. The price action of Bitcoin was largely a mystery to me. What I didn’t realize, nearly 10 years ago, was that the cryptocurrency market ebbs and flows.

It was during the 2018-2021 crypto cycle that I came to fully appreciate the genius of Satoshi Nakamoto. Specifically, I began to understand how the Bitcoin halving works, and how this event ensures the long-term future of Bitcoin.

To see what I mean, glance over the past performance of Bitcoin during the years 2012 through 2023. What do you notice?

YearYoY % Gain / Loss
2026 – Crypto Winter
2025 – Bull Run 
2024 – Halving 
2023 – Consolidation157%$42,489
2022 – Crypto Winter– 64.24%$16,530
2021 – Bull Run59.41%$46,230
2020 – Halving304.97%$29,000
2019 – Consolidation93.85%$7,161
2018 – Crypto Winter– 73.39%$3,694
2017 – Bull Run1,336.85%$13,880
2016  – Halving124.13%$966
2015 – Consolidation34.27%$431
2014 – Crypto Winter– 56.15%$321
2013 – Bull Run5,530.77%$732
2012  – Halving160%$13

The first thing you will notice is that Bitcoin has only registered a loss on an annual basis during the “crypto winter” years. These years were 2014, 2018 and 2022. 

The other thing you will notice is that the digital currency generally experiences significant growth in the year following its halving event. This is when the limited supply of new Bitcoin is most acutely felt, leading to a powerful upward trend in the average trading price. Nonetheless, the halving year and the year preceding the halving (which I call the consolidation year) are generally healthy for Bitcoin as well.

What I like about this data is you don’t need to understand technical analysis or technical indicators to plan your Bitcoin or crypto investments. You only need to understand what year it is in the four-year cycle and plan accordingly. 

Of course, some “market experts” will argue the past is not prologue, and when it comes to price predictions, the normal caveats apply: this is not financial advice. You should do your own research.

What follows is my own research and an explanation as to why I will confidently be holding Bitcoin throughout 2024 and most of 2025.

How the Bitcoin Halving Works

As I mentioned earlier, I bought my first Bitcoin in 2014, during the first crypto winter following the 2012 halving and the 2013 bull run. But I sold far too early, completely missing the 2014-2017 cycle. By the time of the 2018-2021 cycle, I resolved to correct my mistakes, and it was during this period that I made my first significant sum of money from digital assets.

What I came to understand is how the Bitcoin halving works and how this produces a bull run (and crypto winter) every four years. It works like this:

Reward Reduction

Every four years, the Bitcoin halving reduces the rewards that miners receive for adding new blocks to the blockchain. Initially, miners received 50 BTC per block. After the first halving in 2012, this reward was reduced to 25 BTC. Then it was cut 12.5 BTC in 2016 and 6.25 BTC in 2020. We are now anticipating the fourth halving, which will reduce rewards to 3.175 BTC per block in April 2024.

This halving process is designed to mimic the extraction of precious metals like gold, with BTC becoming more scarce and harder to mine over time. The halving continues until all 21 million Bitcoins are mined, which is estimated to occur around the year 2140.

Impact on Supply-Demand Dynamics

With every halving, the Bitcoin network becomes twice as expensive—in BTC terms—for miners to run. This is why the value of BTC rises in fiat terms following each halving.

Miners, as everyone knows, are integral to the Bitcoin network. They maintain and secure the blockchain by solving complex cryptographic puzzles, for which they are rewarded new Bitcoins every 10 minutes. Mining—i.e. the operation of the network—is how new supply of Bitcoin is introduced into the market.

However, mining involves significant costs, predominantly in the form of electricity consumption. This cost effectively sets a floor price for Bitcoin. Miners aren’t likely to sell below this floor price as it would mean operating at a loss.

With each halving, the reward for mining a block is reduced by half, which in turn influences miners’ earnings. As their rewards decrease, the floor price for Bitcoin, determined by these operational costs, tends to rise.

This basic supply-demand dynamic is critical in understanding Bitcoin’s long-term value. If you are buying Bitcoin today, you want to buy below the future cost of production i.e. the future floor price miners need in order to operate the Bitcoin network profitably.

Bitcoin Price Prediction for 2025

So if you want to know the price of Bitcoin in 2025 (or 2030 or any year in the future), you must first know something about the future cost of production.

I mentioned earlier that Bitcoin could reach $108,000 to $219,000 per coin in 2025, when the next bull run is expected. This is based on two factors:

  • The expected cost to produce a single coin following the Bitcoin halving in April 2024
  • A maximum premium of 300% over the cost of production that Bitcoin is expected to achieve at the cycle peak, which I believe will occur sometime around October 2025

First, let’s start with the cost of production.

Most estimates for the cost to produce a single Bitcoin are based on the Cambridge Bitcoin Electricity Consumption Index (CBECI), a real-time estimate of the total electricity consumption of the Bitcoin network. This is the best information we have on what it currently costs miners to run Bitcoin.

From this data, MacroMicro estimates that the average Bitcoin mining cost is $36,500 per coin as of mid-December 2023 (compared with market price of $44,000) per coin. This means miners are presently earning a 20% premium over the cost of production.1

However, I have seen other estimates that put the cost of production much lower. In September 2023, J.P. Morgan analyst Nikolaos Panigirtzoglou estimated the production cost at $18,000 per Bitcoin, compared with the bank’s earlier estimate of $21,000 per coin. J.P. Morgan had previously calculated that each one cent per kilowatt hour change in electricity costs led to a $4,300 change in the Bitcoin production cost, but revised this to $3,800 after the CBECI changed its methodology.2

Nonetheless, if you accept the J.P. Morgan estimate of a $18,000 cost per coin, it would suggest that miners are earning a far larger premium for newly minted coins in the market.

So we have two current cost estimates: $18,000 and $36,500 per coin. After the April 2024 halving, this could rise to $36,000 to $73,000 per coin, assuming all other factors (e.g. hash rate, electricity costs, mining difficulty, etc) remain roughly the same.

These figures represent the floor price. But we also know from the MacroMicro data that Bitcoin can trade at a huge premium to its production cost during bull run years. In the 2018-2021 cycle, this premium reached 300%.

If we apply a similar premium to the 2022-2025 cycle, we arrive at a BTC price prediction of $108,000 to $219,000 per coin in 2025. 

Admittedly, this is a fairly broad range. But this is where the second part of my Bitcoin forecast comes in: the ultimate cycle peak—be it $108,000 or $219,000 per coin or somewhere in between—is likely to come during the month of October 2025.

Timing the Bitcoin 2025 Bull Run

Timing Cycle Bottoms

During the 2018 crypto winter, I noticed something curious about Bitcoin’s price action: after reaching its cycle peak, it takes roughly one year (almost to the day) for Bitcoin to find its cycle bottom. This pattern repeated itself during the 2022 crypto winter.

YearCycle TopDateCycle BottomDate
2013$1,163November 30, 2013$152January 15, 2014
2017$19,666December 17, 2017$3,122December 15, 2018
2021$69,000November 10, 2021$15,632November 9, 2022

Could timing the cycle bottom really be this easy? Do crypto winters only last one year before the price of Bitcoin begins to stabilize and consolidate?

Timing New All-Time Highs

It seemed so. Then, I began to wonder if it was possible to time other parts of the Bitcoin four-year cycle. Here is what I have observed: 

  • Following each halving, it takes approximately 220 days for Bitcoin to reclaim its previous cycle high

This means Bitcoin, should it follow historical patterns, is likely to reclaim its previous all-time high of $69,000 sometime around December 1, 2024.

Consider the following data:

Halving DatePrevious ATHDate Crossed# of days
July 9, 2016$1,163February 17, 2017223 days
May 11, 2020$19,666December 15, 2020218 days
April 25, 2024 (est.)$69,000December 1, 2024220 days

After the first halving cycle, Bitcoin reached a peak of $1,163. The second halving occurred on July 9, 2016. Bitcoin revisited the $1,163 mark on February 17, 2017—precisely 223 days after the halving—and subsequently began its ascent, establishing new all-time highs.

In the third halving cycle, we witnessed Bitcoin cross its prior all-time high of $20,000 on December 15, 2020. This event took place 218 days after the halving on May 11, 2020.

As we look to the future, with the upcoming halving slated for April 25, 2024, it’s tempting to extrapolate from this trend. If the pattern holds, we might anticipate Bitcoin to breach its current all-time high of $69,000 around December 1, 2024, ushering in a new era of record-breaking values.

Timing Cycle Peaks

Instead of asking at what price Bitcoin will peak in 2025—somewhere between $108,000 and $219,000 per coin—we could instead ask when will Bitcoin peak in 2025. My estimate is that Bitcoin will reach its 2025 all-time high sometime in October 2025. This is based on two observations.

In the previous two cycles, Bitcoin reached its ultimate cycle peak 526 days to 548 days following its halving event.  

Halving DateCycle Top# of Days Elapsed
July 9, 2016December 17, 2017526 days
May 11, 2020November 10, 2021548 days
April 25, 2024 (est.)October 3, 2025~October 25, 2025526 days~548 days

In addition, Bitcoin reached its ultimate cycle peak 303 days to 330 days after crossing its previous cycle’s all-time high.

ATH crossedCycle Top# of Days Elapsed
February 17, 2017December 17, 2017303 days
December 15, 2020November 10, 2021330 days
December 1, 2024 (est.)September 30, 2025~October 27, 2025303 days~330 days

Based on these observations, I estimate that Bitcoin and the broader cryptocurrency market will peak sometime around October 2025. By this time, investors should begin to turn cautious and start locking in profits.

History suggests that a new crypto winter will take hold by 2026.

Ark Funds: Bitcoin to Reach $1 Million by 2030

Bitcoin is often regarded as “sound money” due to its decentralized nature and fixed supply. This presents a compelling case for long-term investment. Between now and 2040, Bitcoin will undergo five halving events, and each event is expected to exert upward pressure on its price due to decreased supply.

My conservative forecast projects Bitcoin reaching a valuation of $1.12 million per coin by 2040, translating to a 24.5% compounded annual growth rate. Thus, a $10,000 investment in Bitcoin today could potentially increase to $414,814 by 2040.

Ark Invest CEO Cathie Wood holds holds an even more bullish stance. Ark Invest estimates that Bitcoin’s price could soar to $1.48 million by 2030.3

The cryptocurrency community loves narratives. Here are three narratives I think will drive Bitcoin over the shor -term, mid term, and long term.

Bitcoin Short-Term Growth Drivers: Digital God

Bitcoin’s imminent financialization, exemplified by anticipated ETF approvals, paves the way for its rapid ascent in the short term. This evolution is complemented by a surge in institutional adoption, as major financial players recognize its potential. Furthermore, Bitcoin is poised to redefine the concept of a store of value. Dubbed as “digital gold,” it is progressively challenging traditional gold, offering a modern, digital alternative that resonates with the evolving global financial landscape.

Bitcoin Mid-Term Growth Drivers: Corporate Treasury Asset

By 2025, Michael Saylor’s strategic decision for MicroStrategy to hold 158,245 Bitcoins, acquired at an average price of $29,582, is expected to be vindicated.4 Despite initial paper losses, this pioneering move will likely be heralded as foresight by as early as 2024. As MicroStrategy’s Bitcoin investment becomes increasingly profitable, it will serve as a beacon for other corporations. This success story will catalyze a trend where businesses globally consider integrating Bitcoin into their balance sheets, viewing it as a viable asset alongside traditional financial instruments.

Bitcoin Long-Term Growth Drivers: National Treasury Asset

In the long term, Bitcoin’s allure lies in its potential to grant nations monetary independence, especially those outside the dominant USD-Euro-Yen currency framework. El Salvador, which became a “dollarized” economy in 2001, and the Central African Republic, pegged to the Euro, have both embraced Bitcoin as legal tender. This strategic move empowers them to curtail the influence of major entities like the Federal Reserve and the European Central Bank on their economies.5 Such adoptions spotlight Bitcoin’s role as a tool for financial autonomy, suggesting that more nations may pivot towards Bitcoin, opting out of the prevailing global currency system.

It’s essential to note that while Bitcoin is not a traditional stock, anticipated regulatory changes could soon bridge this gap. The Securities and Exchange Commission is expected to greenlight Bitcoin ETFs by 2024 at the latest, providing a convenient pathway for numerous investors to gain exposure to Bitcoin directly through their stock trading accounts.


In summary, Bitcoin’s future looks bright. Its ingenious design that leverages supply shocks every four years suggests continued upward price action is in store. My analysis indicates Bitcoin could reach between $108,000 to $219,000 per coin by October 2025, driven by increasing mining costs and growing demand.

Beyond 2025, even more optimistic projections emerge. Cathie Wood and Ark Invest foresee Bitcoin potentially hitting $1.5 million by 2030. Meanwhile, my conservative model pegs its valuation at over $1 million by 2040.

Narratives supporting its ascent include financialization and institutional adoption in the near-term, corporate treasury allocations in the mid-term, and attaining status as a national reserve asset long-term. Countries adopting Bitcoin as legal tender highlight its eventual role as an instrument for financial autonomy.

Regulatory advancements also bode well for Bitcoin. The expected approval of the first Bitcoin ETF by 2024 expands direct investment exposure ahead of the next supply squeeze.

In closing, volatility notwithstanding, Bitcoin’s programmed scarcity and monumental addressable market as an emerging global money makes it an intriguing investment today. The window to purchase Bitcoin before the next halving-induced bull run is closing fast. Those looking to benefit from potential 10x price appreciation over a multi-year holding period would do well to consider allocating a small, speculative percentage of their portfolio towards Bitcoin today.

Author Profile

Mark Fortune
Mark Fortune is a seasoned journalist and editor with more than two decades of experience. Specializing in technology, cryptocurrency, and stock investments, his incisive writing has made significant contributions to the business journalism field. Mark’s work is celebrated for its depth, clarity, and influence on a global readership.
  1. MacroMicro. “Bitcoin – Average Mining Costs.”
  2. The Block. “JPMorgan Lowers Bitcoin Mining Cost Estimate Following CBECI Revision.” September 7, 2023.
  3. Ark Invest. “Big Ideas 2023,” Page 65. January 31, 2023.
  4. Buy Bitcoin Worldwide. “MicroStrategy Bitcoin Holdings Chart & Purchase History.” September 26, 2023.
  5. Council on Foreign Relations. “What Does the Cryptocurrency Decline Mean for Bitcoin Countries?” December 21, 2022.