Bitcoin showed mixed results in 2025: the cryptocurrency reached a new all-time high of $125,100 in October but ended the year trading below its opening level. Jan3 founder Samson Mow described 2025 as a "bear market" while also anticipating the start of a long bullish cycle that could last until 2035. This article compiles key facts and analyst opinions to briefly explain what happened and which scenarios are being discussed in the industry.
Bitcoin Market Overview in 2025
The main event of the year was the new all-time high in October at $125,100, recorded in trading data. At the same time, thought leaders including Samson Mow characterized 2025 as a period of decline, calling it bearish, while suggesting a multi-year bull cycle may lie ahead. These conflicting signals reflect a market closing the year in a mixed state, where historic highs coexist with an annual price loss.
Current Bitcoin Market Situation
As of publication, Bitcoin was trading around $87,210, representing an 8.98% decrease since the start of the year. This trend leaves the price significantly below some optimistic forecasts, including statements by Arthur Hayes and Tom Lee about the possibility of reaching $250,000 by year-end. The current picture is thus a combination of a recent record and a yearly price pullback.
Analysts' Views on Bitcoin's Future
There is no consensus in the industry regarding 2026: Peter Brandt predicted a possible drop to $60,000 in Q3 2026, while Jurrien Timmer suggested 2026 might be a "resting year" with prices around $65,000. On the other hand, investment strategy leaders noted the resilience of market fundamentals and expressed optimism for the coming year.
Specifically, Phong Le pointed to strong fundamental factors persisting in 2025, and Matt Hougan identified 2026 as a potential "growth year" for Bitcoin. These divergent assessments highlight uncertainty and the importance of monitoring expert opinions and market indicators closely.
Crypto Fear & Greed Index
The Crypto Fear & Greed Index fell to 20 out of 100 on December 26, signaling low market confidence at that time. Low index values typically reflect increased caution among market participants, further intensifying the polarization of expectations among analysts and investors.
Why This Matters
If you mine in Russia with any number of devices—from one to a thousand—the combination of annual price decline and high volatility means you may face a prolonged period of low profitability amid fixed electricity and equipment costs. Meanwhile, statements about a possible long-term bull cycle do not eliminate current risks, so it is important to consider both perspectives when planning.
What to Do?
- Check mining profitability at current prices and electricity rates to understand how sustainable your load is long-term.
- Optimize expenses: perform regular equipment maintenance, monitor efficiency and power consumption of ASIC miners and GPUs.
- Diversify payout strategies—consider fractional profit withdrawals and reserve funds to cover price dips.
- Follow market indicators and analyst forecasts to respond timely to significant shifts in market sentiment.
For a deeper understanding of next year’s price forecasts, see the Bitcoin price forecast analysis, and for a review of 2025 year-end conclusions, the 2025 forecast from Galaxy Digital is helpful. These materials complement current opinions and help compare scenarios.