Bitcoin recovers after sell-off. Here comes the bullish price forecast.

Bitcoin price is trending higher again. Its latest slide did not scare the bulls, who came out with new bullish targets as the currency tests the recovery.

Wall Street analysts say the price of the world’s most popular cryptocurrency could soon return to its previous highs. Their 2025 forecast for Bitcoin (BTCUSD) ranges from around $120,000 to $200,000, a gap that reflects uncertainty about the near-term outlook but also expresses a belief that the worst of the recent sell-off is behind us.

However, there is no consensus on what could push prices higher. Some cryptocurrency watchers said the prospect of the US government shutdown ending is bullish for bitcoin and other risky assets. Others suggested that more reasons for investor caution could push investors back toward Bitcoin as a hedge against uncertainty.

Bitcoin prices, which last week reached sub-$100,000 levels for the first time in months, appear to be rebounding over the past 24 hours, recently reaching levels around $106,000, according to research platform Messari. So are some other crypto bets: Solana (SOLUSD) is recovering faster than other altcoins, compared to the side-crawl of Ethereum (ETHUSD) as of Monday afternoon. Cryptocurrency-related stocks are also rising, albeit unevenly, with Coinbase Global (COIN) and Robinhood (HOOD) jumping more than 3% while Strategy (MSTR) jumping slightly.

Fundstrat’s Tom Lee, a risk asset buff, told CNBC last week that the S&P 500 could hit 7,500 by the end of the year. He also said he expects Bitcoin to jump back to its record highs, with the October 10 crash and its effects fading away. “I still think we can get between $150,000 to $200,000 for bitcoin and close to $7,000 for ethereum,” Lee said. “At the beginning of the year, the company set its 2025 price target for Bitcoin at $175,000.

Cryptocurrency-focused financial services company Galaxy last week cut its year-end target to $120,000 from $185,000, saying the October 10 delisting “materially damaged bull market trends.” Galaxy head of research Alex Thorne wrote in a note last week that while he remains bullish on the long term, bitcoin has entered an “age of maturity,” characterized by institutional adoption, passive flows from spot ETFs, and lower volatility.

“If Bitcoin can hold around $100,000, we believe the roughly three-year bull market will remain structurally sound, although the pace of future gains may be slower,” he said.

Cathie Wood, CEO of Ark Invest, has cut $300,000 from her 2030 Bitcoin price target to $1.2 million from $1.5 million previously. Wood told CNBC last week that stablecoins play a role in payments and transfers, a function she previously expected bitcoin to play.

JPMorgan analyst Nikolaos Panigirzoglou reiterated his view that bitcoin prices could rise on the basis of what he called a “dives trade,” noting that much of the derivatives-related pressure associated with the pullback in mid-October — when more than $19 billion of leveraged positions were liquidated — now appears to have eased.

Based on the spread between Bitcoin’s price and the company’s volatility-adjusted comparison to gold prices, the digital asset should theoretically reach a price near $170,000, he said in a note last week.