The most capitalized cryptocurrency, Bitcoin, has set a new all-time high (ATH). Following it, Ethereum has come close to new records.
Here’s what’s happening in the crypto market and what investors now expect from the two most capitalized cryptocurrencies.
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Bitcoin ATH
On the morning of August 14, 2025, Bitcoin set a new all-time high. At the peak, the coin traded at $124,457. After that, the cryptocurrency corrected slightly. At the time of writing, BTC is trading at $121,554.
Bitcoin chart. Source: TradingView
Bitcoin managed to rise thanks to a combination of factors. Let’s look at them:
- Expectations of an FOMC rate cut. The release of positive U.S. CPI data on August 12 strengthened market participants’ belief that in September the regulator will move to cut the key interest rate. Over 99% of network users believe this. Such changes can increase the investment appeal of high-risk assets such as cryptocurrency.
- A favorable geopolitical environment. The conflict between Iran and Israel has been resolved. Also, Trump achieved a peace agreement between Azerbaijan and Armenia. The story of the conflict between the U.S. president and former head of the Russian Federation Dmitry Medvedev did not escalate further. This “lull” period positively affects investor appetite.
- Institutional interest in crypto. Companies are adopting MicroStrategy’s strategy (Strategy) for building cryptocurrency reserves. Large investors are buying cryptocurrency onto their balance sheets and actively investing in ETFs, forcing fund issuers to absorb available BTC.
Completing the picture is the growing shortage of cryptocurrency on the market. Bitcoin reserves on crypto exchanges continue to decline rapidly. As observations show, such a shortage has repeatedly pushed its price to highs.
Ethereum Is on the Verge of a New High
The second-largest cryptocurrency, Ethereum, hasn’t set a new all-time high yet but is very close. At the time of writing, ETH is trading at $4,751. Recall that Ethereum’s maximum was recorded on November 16, 2021, at $4,891. The coin is just a couple of percent away from its ATH.
Ethereum chart. Source: TradingView
ETH managed to rise thanks to the same favorable factors described in the Bitcoin section. At the same time, it’s worth paying special attention to the fact that Ethereum is also being purchased for company reserves. For example, ETH has shown heightened interest from World Liberty Financial, which is affiliated with Trump.
What to Expect Next from Bitcoin and Ethereum: Forecasts
Euphoria has gripped the crypto community. Many believe the crypto market will continue to rise ahead of a likely cut in the Fed’s key interest rate. Let’s look at forecasts for Bitcoin and Ethereum.
Here’s what investors expect from BTC:
- The founder of Pomp Investments, Anthony Pompliano, is confident the rise will continue. He did not name a near-term target for Bitcoin, but noted that over time the actions of the U.S. authorities will drive BTC to $1 million. Pompliano believes this will happen due to uncontrolled printing of new dollars. As long as the Fed’s “printer” is running, in his view, fiat will depreciate. In such conditions investors are forced to look for alternatives, and BTC is the first candidate.
- Crypto enthusiast Chris Burniske is confident that Bitcoin now has a path to $169,000. Trader dave the wave also believes BTC is heading to $170,000.
- Crypto analyst and trader Ash Crypto believes that Bitcoin can reach $200,000.
At the same time, some members of the crypto community point out that earlier in the week a gap formed on Bitcoin’s chart, which could lead BTC to a correction to $117,000. A price gap occurs when the cryptocurrency’s price at the start of the week becomes much higher or lower than Friday’s close. Often, such gaps act as “magnets” toward which the asset’s price gravitates.
Here’s what investors expect from Ethereum:
- Analyst Ted Pillous believes that ETH is on the verge of a parabolic rise. He did not name exact targets for the coin but noted that the rally could be large—up to 3x.
- Investor and analyst Lark Davis is confident that ETH has a path to $7,500. He believes the Ethereum rally will be supported by companies actively buying the cryptocurrency onto their balance sheets. Analysts at Standard Chartered share this view. They believe $7,500 is Ethereum’s target by the end of the year.
- Analyst Carl Runefelt in his opinion gave an even more optimistic forecast. In his view, ETH could head to $8,745.
- Even bolder forecasts are being voiced. Some market participants do not rule out a move by Ethereum to $115,000.
Market Conditions
Against the backdrop of Bitcoin setting a new all-time high, the market has plunged into “greed.” The BTC Fear and Greed Index has stopped at 75. This indicates that market participants have increased their willingness to take risks to acquire cryptocurrency. Although the index is far from its peak, the green zone indicates its gradual movement toward overheating. This often happens when prices are at peak levels.
Bitcoin Fear and Greed Index. Source: alternative.me
The “Rainbow” chart signals that BTC still has room to grow. The metric compares the cryptocurrency’s price in previous cycles and extrapolates the value to the current cycle. Judging by the chart, Bitcoin is still far from peak levels (the orange-red zone).
We’ll also look at Bitcoin’s position in the cycle after the halving. Usually, the cryptocurrency needs about 1.6 years to set the absolute cyclical maximum. The current cycle’s curve is shown by a bold orange line. If the timing repeats, BTC could set an absolute ATH in autumn 2025.
Comparison of Bitcoin’s movement by cycles. Source: Bitcoincyclescomparison
Conclusions
There is a probability that Bitcoin’s bull run will continue. This is indicated by a combination of positive factors, including expectations of a Fed rate cut. A review of the cryptocurrency’s position in its cycle indicates the absence of critical “overheating,” which also supports the assumption of a likely continuation of growth.
Ethereum—despite its special position thanks to institutional support—will likely follow the general trend.
Thus, there are grounds to assume that both Bitcoin and Ethereum will continue to rise. The cycle peak may be recorded in autumn 2025.
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