Despite a recent pullback, Bitcoin (CRYPTO: BTC) is up 21% in 2025, trading around $113,150 as of Tuesday. But according to James Cakmak, chief investment officer at Clockwise Capital, the rally may just be getting started.
"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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