Zurich-based asset manager 21Shares on Wednesday published its mid-year crypto market report, revisiting its industry forecasts from December and pointing to a $100,000 year-end base case for bitcoin after it peaked near $126,000 in October 2025.
Bitcoin (BTC) traded around $62,300 on Wednesday after gaining nearly 0.3% in the last 24 hours, according to The Block's BTC price page. The asset sits roughly 50% below its all-time high near $126,000 reached last year.
According to the report, bitcoin's price action "still looks familiar," with the pullback tracking closely with historical post-halving patterns. At the same time, the current drawdown remains far milder than the 80% plus corrections of prior cycles.
The report also noted that bitcoin has continuously stayed above its aggregate investor cost basis of $54,000.
"Notably, bitcoin has also, so far, avoided the outright capitulation that defined earlier downturns — it has not yet traded below its aggregate cost basis of $54,000," the report said, adding that, "these are signs of a more mature market with stickier capital flows."
