Bitwise, the leading cryptocurrency index fund manager, has predicted that the price of Bitcoin, the bellwether cryptocurrency, could potentially reach $200,000 in 2025. 

At the same time, Ethereum, the largest alternative cryptocurrency, has been predicted to surge to $7,000. 

Institutional investments, corporate adoption, and friendly regulations have been cited as the key potential tailwinds for the cryptocurrency industry in 2025.

Other positive catalysts include wirehouse approvals, increasing layer-2 scaling, and various macro factors such as the US Federal Reserve's rate cuts. 

The firm is also very optimistic about Bitcoin ETFs, predicting that they might attract more inflows next year than in 2024. 

It also expects at least five cryptocurrency unicorns to go public in the US. Coinbase, the leading cryptocurrency exchange, has been predicted to surpass Charles Schwab while also making it to the S&P 500. 

In its 2025 predictions, Bitwise said that it expects global Bitcoin adoption to pick up steam next year, with the number of countries holding Bitcoin potentially doubling. 

Bitwise also published a list of potential headwinds that could throw a spanner in the works for the bulls. The Fed's rare cuts could end up being disappointing, which could undermine Bitcoin's bullish momentum. The meme coin frenzy might grind to a screeching halt next year, and this might negatively affect the broader cryptocurrency market.