Bitcoin could hit $500,000 by the end of 2025, according to Zack Herbert, CEO of Foundation Devices, who sees the current cycle mirroring previous bull markets.

“I think that the last bull market was cut short because of FTX. That’s my personal opinion. I know that’s the opinion of some other OGs,” Herbert said during a conversation with Rob Nelson on TheStreet Crypto Roundtable . “If you look at the previous bull market and you use those multiples as a way to potentially get some kind of range, I think $500,000 is probably my lowest prediction by the end of this year.”

Herbert noted that Bitcoin’s volatile nature could lead to sharp pullbacks, warning that a 30% correction could send prices tumbling from $500,000 to $350,000 before rebounding.

“But I do think that you should be prepared for the 30% drawdown, which could look like $500,000 dropping to $350,000, which would blow people’s minds, and I think that would cause a lot of destruction in the market. But I think $500,000 is my base case for 2025.”

Bitcoin price targets have remained a major debate, with past halving cycles serving as historical reference points. Nelson acknowledged that many analysts see Bitcoin reaching even higher levels based on past trends.

“I understand the logic of that. Yeah, and I know people who said, if you really look at those numbers in previous halvings and pull park hits, it’s even higher,” he said.

Herbert agreed, suggesting that using a previous cycle’s multiplier could put Bitcoin’s next peak in a $700,000 to $800,000 range.

Foundation Devices is a Bitcoin-focused hardware company specializing in self-custody solutions and privacy-preserving devices. It was founded in 2020 and is best known for Passport, its open-source hardware wallet designed for secure Bitcoin storage.

Bitget CEO Bitcoin could hit $200K in 2025

Cryptocurrency exchange Bitget CEO Gracy Chen believes Bitcoin could hit $200,000 in 2025, but she remains cautious about setting expectations too high.

“Double the current price, meaning $200K for Bitcoin price, is not crazy, but I think it’s optimistic. It’s probably higher than my personal expectation,” Chen said in a discussion with Roundtable’s Rob Nelson. “Again, none of us has a crystal ball here, and I’m not a so-called predictor. But for me, as a personal investor in this space, my current strategy is to hold Bitcoin and also park some USDT to hopefully buy Bitcoin at a lower price.”