Bitwise predicts Bitcoin could reach $200,000 by the end of 2025 due to a growing supply crunch driven by institutional demand. CIO Matt Hougan noted that miners will produce only around 165,000 BTC this year, while public companies and ETFs have already bought more than that. Meanwhile, Strategy’s aggressive accumulation strategy is further tightening supply. Bitcoin’s Sharpe ratio is also converging with gold’s, boosting investor confidence in a new bullish cycle ahead.