The "Bull Run" of Bitcoin may not have begun: What awaits us in 2025?
June 11, 2025 – According to an analysis by CoinShares, the current Bitcoin cycle $BTC shows remarkable similarities to 2020, suggesting that the true bull market has yet to be unleashed. Despite the recent volatility driven by macroeconomic decisions such as Trump's tariffs and mixed flows in Bitcoin ETFs, experts maintain an optimistic outlook.
Christopher Bendiksen, head of research at CoinShares, highlights that while the current landscape appears "bleak" with high interest rates and global inflation, the current economic situation resembles the period leading up to BTC's major surge in 2020. Back then, despite global instability, speculation and optimism drove Bitcoin.
This 2025, a new factor could be key: the potential interest of nation-states in accumulating Bitcoin as a reserve. Bendiksen even suggests the possibility of a national BTC reserve in the U.S., something "unreal" for early Bitcoiners, but which could spark a "race" among countries for this cryptocurrency, injecting a "colossal demand." Currently, nearly 530,000 BTC are already in the hands of governments.
Furthermore, the analyst emphasizes the close correlation of Bitcoin with global monetary liquidity (M2). In 2020, the activation of the global "money printer" propelled the bull market. With major economies like China and Germany preparing to issue money and the anticipation of rate cuts in the U.S., an increase in global liquidity is imminent. If this trend continues, BTC could see a "healthy rebound."
In summary, the recent movements of Bitcoin may be a market adjustment and not the beginning of a bearish reversal. If another period of low rates and money printing is on the horizon, the true "bull run" of Bitcoin could be just around the corner.
