Bitcoin holders may want to rethink their price targets for 2025, with one Bitcoin analyst arguing that $110,000 has been firmly established as Bitcoin’s new bottom.

“You can kind of start lifting some of your targets and saying, “Well, because we’ve proven 110, that’s the floor, where do we go from here?” James Check said in an interview published on YouTube on Thursday.

“We’ve built an enormous base up here at $2 trillion,” he said, referring to Bitcoin’s (BTC) market capitalization, which is currently sitting at around $2.42 trillion. “We proved a trillion 24, We’ve proved $2 trillion in 25, so now the question is how many trillions,” he said.

Bitcoin at $95K is a floor, not a ceiling

“60% plus of the dollars that have ever been invested in Bitcoin is above 95K,” Check said. “That’s more of a floor than it is a ceiling,” he added, as holders will not be too interested in selling Bitcoin for less than what they paid for.

Check said that the “most logical thing” is to go to $150,000, which would be an approximately $3 trillion market cap. “It’s one of these nice binary setups and markets you’ve always got to hold two views at the same time,” he added.

James Check spoke to Marty on the TFTC podcast on Thursday. Source: TFTC

In December 2024, Galaxy Digital head of digital research Alex Thorn projected that Bitcoin could reach $150,000 in 2025, with potential to climb as high as $185,000.

With several bullish forecasts made this year as high as $250,000, market participants are considering how high Bitcoin might rise and how long it would take. 

Bitcoin bulls are in control, says Check

However, Check said there is “no excuse for the market” to go down to $95,000. “We have proven that we want higher. The bulls are in control,” he said.
“If not, the bulls are weak sauce and we’re probably over for a period of time,” he added.

Bitcoin is trading at $121,392 at the time of publication, up just 0.80% over the past seven days, according to CoinMarketCap. A move to $150,000 would represent a 23.50% increase from its current price. 

Capriole Investments founder Charles Edwards also believes the move to $150,000 may not be far off. On October 2, he argued that Bitcoin reclaiming the $120,000 psychological mark may lead to a “very quick” breakout to a new all-time high of $150,000.