Bitcoin (BTC) is undergoing a critical phase in 2025, as on-chain data analysis suggests that the cryptocurrency may either experience a strong bullish wave or a long period of volatility and consolidation. The future trend depends on a combination of technical indicators and historical price momentum.

A Crypto Quant analyst presents potential scenarios for Bitcoin's movement.

Three

In a new report, analyst Axel Adler Jr. from the Crypto Quant platform identified three main potential scenarios for Bitcoin's trajectory, based on key momentum ratios such as Net Unrealized Profit Loss (NUPL) and Market Value to Realized Value (MVRV).