"Crypto, Bitcoin specifically, continues to be the most underappreciated asset in the market," Cakmak said in a recent CNBC interview. "And likely to be the best performing asset class in 2025. And thereafter."
That's a bold call—especially considering Bitcoin's 121% gain in 2024 and its current position as one of the top-performing assets of the past two years. But Cakmak isn't alone in his bullish outlook.
Standard Chartered Bank expects Bitcoin to hit $135,000 by the end of the third quarter and climb to $200,000 by year-end. Citibank's base-case scenario also predicts Bitcoin reaching $135,000 by December, with a bull-case target of $199,000.
Bitcoin has pulled back by about 9% from its all-time high of more than $124,500, reached in August.
3 Reasons Supporting Bitcoin’s Bullish Outlook
So what's driving the optimism?
Analysts point to a combination of factors: growing institutional adoption and rising demand from retail investors seeking alternatives to traditional assets. With inflation concerns lingering and geopolitical tensions escalating, Bitcoin is increasingly viewed as a hedge—not just against fiat currency risk, but against systemic uncertainty.
Cakmak's "underappreciated" comment reflects a broader sentiment among crypto bulls: that despite its gains, Bitcoin is still not priced for its full potential. If forecasts hold, Bitcoin could outperform equities, bonds, and commodities in 2025—cementing its role as a core portfolio asset.
Whether it hits $135,000 or $200,000, one thing's clear: Bitcoin is back in the spotlight. And for investors like Cakmak, it's not just a trade—it's a conviction.
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