Bitcoin Holds Steady—But Is a Bigger Rally Coming?
Bitcoin’s been stuck in a weird limbo lately. After a strong first half of 2025, the price hasn’t exactly collapsed, but it hasn’t skyrocketed either. It’s just… hovering. Right now, it’s sitting around $108,000, just shy of its May peak of $111,999. Not bad, but not the explosive growth some were expecting.
Still, there’s a quiet confidence among traders. The fact that Bitcoin hasn’t dipped below $100,000 since early May suggests there’s real support at that level. And while the gains this year have been slower than last year’s 45% surge, a 15% climb isn’t nothing.
Big Players Are Betting Heavy
What’s interesting is who’s buying. A handful of publicly traded companies—dubbed “Bitcoin treasury firms”—are going all-in, either holding Bitcoin as a core asset or planning to. Names like Nakamoto, Twenty One, and Strive Asset Management are even merging with other listed companies to raise cash, then using it to scoop up more Bitcoin.
Steven Lubka from Nakamoto thinks the real buying spree hasn’t even started. A lot of capital, he says, is still waiting on SEC approvals for these mergers. “There’s way more money lined up that hasn’t hit the market yet,” he told CNBC.
And it’s not just corporate interest driving things. Lubka points to a broader shift—rising government spending, a strong stock market, and a White House that seems friendlier toward crypto under Trump. “These factors could set the stage for a serious bull run,” he said.
Politics and Fed Drama Could Shake Things Up
Bitcoin’s next move might depend on Washington. Geoff Kendrick at Standard Chartered thinks two things could shake up the market in Q3: a potential Fed chair shake-up if Trump replaces Jerome Powell, and the GENIUS Act, a stablecoin bill winding through Congress.
If the GENIUS Act passes, Kendrick believes it could bring a flood of new retail investors into crypto—with Bitcoin leading the charge. “It’s the kind of thing that pulls in first-time buyers,” he noted.
But there’s a catch. Bitcoin’s infamous four-year cycle suggests a possible slump around late September—roughly 18 months after the last “halving” event in April 2024, when new supply gets cut. Historically, that’s when prices take a hit.
Kendrick isn’t sweating it, though. He thinks demand from ETFs and treasury firms will outweigh any selling from long-term holders. His prediction? $135,000 by end of Q3, and $200,000 by year’s end.
Of course, predictions are just that. Bitcoin’s never been predictable. But for now, the pieces seem to be falling into place for another push higher—assuming nothing derails it.
