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Bitcoin 's price could hit a record high of $150,000-$250,000 by the end of 2025 and could approach, if not exceed, $1 million by 2033, early cryptocurrency investor Michael Terpin told TheStreet RoundTable.

Terpin is the founder and CEO of Transform Ventures, a blockchain advisory and venture studio. In his book ‘Bitcoin Supercycle’ (2024), he explained his Four Seasons of Bitcoin model, which argues how BTC’s price moves in reliable cycles, similar to those of real estate and stock markets.

As per the model, BTC hits new highs late in the year after each halving and capitulates roughly a year later.

It is important to understand here what Bitcoin halving is.

Halving is a crucial event that takes place on the network approximately every four years. It reduces the block mining reward by 50% after every 210,000 blocks are mined. The event is supposed to control the circulating supply of Bitcoin tokens. If the asset remains in demand, its scarcity should drive its price up.

Terpin said his Bitcoin’s price projections are consistent with the said model. He said if the macroeconomic conditions remain neutral, Bitcoin’s price by the end of 2025 could hit around $193,000, i.e., three times its price after the last halving.

BTC’s price was approximately $64,000 during the last halving that occurred on Apr. 20, 2024, when the mining reward was reduced from 6.25 BTC to 3.125 BTC per block.

Though unresolved or worsened conditions due to tariff tensions could impact BTC’s price negatively, it is unlikely to go below $150,000 at its peak, Terpin said.

2025 is going to be the best year ever in terms of the total market cap of Bitcoin along with the dollar’s value appreciation, he claimed.

As per Kraken’s price feed , Bitcoin was trading at $84,468.40 at press time.