Key Insights:
- Chamath P., a billionaire investor, predicts Bitcoin (BTC) price could reach ~$497K by October 2025 based on halving-cycle averages
- Miner reserve and flow data show BTC is being hoarded, not dumped, despite low profitability
- MVRV Z-Score suggests mild overvaluation, leaving significant upside potential
Bitcoin price might be drifting near $108K, but one well-known investor believes it’s just getting started.
According to Chamath Palihapitiya, a billionaire tech investor and early Bitcoin proponent, a confluence of historical halving cycles and increased institutional adoption could push Bitcoin toward $497,000.
He said that BTC could hit that level possibly by the end of 2025. This bold forecast isn’t just speculation but is based on data.
Halving History Supports the $497K Bitcoin Price Target
Chamath’s estimate is based on a clean regression of Bitcoin’s past halving-cycle performance. The average return across three previous cycles, when projected from the most recent halving in April 2024, suggests that Bitcoin’s top is around $497,000.
The cycles he referenced: 2012, 2016, and 2020, each showed 20x to 120x rallies from the halving date to the cycle peak.
Chamath argues that the current cycle, supported by more institutional participation and favorable regulation, might follow a slightly compressed but still aggressive path.
Unlike the retail-led frenzies of 2017 and 2021, this time, ETFs and sovereign interest are expected to help cushion volatility.
Miners Are Hoarding, Not Selling
One of the strongest data confirmations for Chamath’s bullish stance comes from miner behavior. Despite profitability dropping to one of the lowest levels in recent memory, Glassnode data shows miner reserves have remained stable in 2025.
BTC outflows from miner wallets to exchanges are minimal.
This indicates that miners, typically forced to sell during bear phases to cover costs, are opting to hold. It’s a sign of long-term confidence, possibly in anticipation of a second-leg rally.
At the same time, the Miner-to-Exchange Flow Ratio remains low. Historically, spikes in this metric often precede price tops.
Its subdued level now suggests that miners are not contributing significant sell pressure; another green flag for bulls.
On-Chain Data Confirms Healthy Bitcoin Price Consolidation
The MVRV Z-Score, a popular on-chain metric used to identify market tops and bottoms, currently resides in a neutral-to-slightly elevated range. This indicates that Bitcoin is mildly overvalued compared to its historical average cost basis, but not in euphoric territory.
During previous cycles, the MVRV Z-Score peaked well above its current levels. That leaves room for further upside before red flags emerge.
Additionally, exchange reserves of Bitcoin continue to decline. This long-term trend suggests that more BTC is being moved to cold storage or custodial solutions, thereby reducing the short-term liquid supply and supporting higher Bitcoin price floors.
While Chamath’s target is among the more ambitious forecasts in the current market, he’s not alone. Former BitMEX CEO Arthur Hayes has floated the idea of $750k BTC price in a blow-off top scenario years back.
Several macro analysts have also pointed to $300K to $500K Bitcoin price ranges if current ETF flows persist.
The big difference is that Chamath’s projection is grounded in cyclic data rather than macro narrative alone.
