Bitcoin bulls are banking on further gains after the cryptocurrency climbed over 100% in 2024. Recent history suggests they might be disappointed.The large-cap token was up 2.7% to $97,105 on Thursday,

Cryptocurrencies rose to start the year, rebounding from recent losses as investor optimism returned to the market.

Standard Chartered projects a $200,000 Bitcoin price target in 2025. Analyst Tom Lee of Fundstrat Global Advisors predicts Bitcoin will hit $250,000 in 2025. Venture capitalist Chamath Palihapitiya suggested Bitcoin could reach $500,000 by October 2025 and tossed out a $1 million projection by 2040.

Bitcoin’s price surged past $97,000 on Thursday, climbing 2% to hit $97,011. This modest bump capped a 3% gain since the start of 2025, as the crypto markets began shaking off the losses that weighed them down at the end of last year.