"Bitcoin is too expensive for individual investors…possibility of bull market ending"

As Bitcoin (BTC) prices have risen to levels increasingly difficult for retail investors to access, questions have been raised about whether this rally can continue beyond the existing four-year cycle.

On the 28th (local time), CoinDesk reported that 10X Research analyzed that Bitcoin "has become so expensive that it is difficult to maintain sustained retail buying" and that "the likelihood of the rally continuing is decreasing."

10X Research said, "Bitcoin has entered a structure of diminishing returns," adding, "while this can be seen as a natural process of asset maturation, it fundamentally calls into question the validity of the 'Bitcoin cycle theory.'" It added, "Bitcoin is only 16 years old as an asset, so the sample size is very small to draw statistical conclusions."

According to the report, Bitcoin is expected to peak at about $125,000 by the end of this year. This is far lower than the $1,000,000 target predicted by the stock-to-flow model. Previously, 10X Research accurately predicted the bear-market bottom in October 2022.

Meanwhile, Jeff Kendrick, head of digital asset research at Standard Chartered, predicted that "Bitcoin could rise to $200,000 by the end of 2025," and that "the recent $19 billion worth of large liquidations could instead be a buying opportunity." In a February interview, he also said, "By the end of President Trump's second term in 2028, Bitcoin could reach $500,000."