Odaily News Gautam Chhugani, an analyst at brokerage firm Bernstein, believes that the current cycle is "still in its early stages" and that cryptocurrencies can transform from speculative asset classes to digital capital markets based on practicality, against the backdrop of the most crypto-friendly U.S. government. He explained: "We still believe that the $100,000 Bitcoin price level is not the peak of the cycle, and the Bitcoin market still has a lot of stamina. Bitcoin is expected to reach a cycle peak of $200,000 by the end of 2025. If the market is still uneasy about the macro economy and Trump's sabotage risks in 2025, we may see the realization of the high point of the Bitcoin cycle delayed, and we may see the Bitcoin bull market cycle extended to 2026." (The Block)