Analysts from the research and brokerage firm Bernstein have identified several catalysts that could drive Bitcoin's price to a target of $200,000 by the end of 2025. Currently, Bitcoin is trading around $92,000, approaching its all-time high of approximately $93,300.

In a recent report, Bernstein analysts led by Gautam Chhugani noted that the market is entering a phase that may challenge Bitcoin skeptics.

The firm initially set its $200,000 target in June, when Bitcoin was priced at about $66,000. They believe that institutional demand, coupled with potential regulatory changes, will support this growth.

Key to this bullish outlook is the anticipated appointment of pro-crypto candidates to influential positions in the U.S. government. Following Donald Trump's recent election win, speculation surrounds his nominations for Treasury Secretary and SEC Chair.

Notable figures in the running include Bitcoin advocates such as Howard Lutnick, CEO of Cantor Fitzgerald, and investor Scott Bessent.

Analysts suggest that regardless of the specific candidates, the market is likely to remain optimistic.

Another significant factor is the potential establishment of a national Bitcoin reserve, a pledge made by Trump during his campaign. Senator Cynthia Lummis has introduced a draft bill aimed at acquiring up to 5% of Bitcoin’s total supply over the next five years, which could amount to nearly $100 billion at current prices.

Furthermore, Bernstein highlights the increasing demand from Bitcoin exchange-traded funds (ETFs) and the substantial purchasing plans of companies like MicroStrategy, which intends to raise $42 billion for Bitcoin acquisitions over the next three years.