On April 19, globally renowned cryptocurrency asset management firm 21Shares released a report stating that Bitcoin may reach $138,555 by the end of 2025, representing a potential increase of 64% from the current price. This prediction is not unfounded, but is based on two core logics:

1. Historical Cycle Replication: The current market is highly similar to the 2021 bull market, where Bitcoin entered a consolidation phase after breaking $100,000. However, on-chain data shows that the proportion of long-term holders (LTH) continues to rise, with an average holding period exceeding 155 days, indicating that investors are more inclined to 'HODL' rather than sell in the short term.

2. On-chain Momentum Accumulation: Bitcoin network hashrate is expected to grow 35% year-on-year in Q1 2025, miner revenues have reached an all-time high, while exchange balances have fallen to a 5-year low, creating a tight supply-demand balance that lays the groundwork for price breakthroughs.

21Shares specifically points out that Bitcoin has transformed from a 'speculative tool' into a 'mature asset'—even when faced with macro shocks similar to the collapse of Silicon Valley Bank, the market no longer panics and sells off, but instead views it as a 'hedge proof' against risks in the traditional financial system.