The cryptocurrency market often quietly shifts when people least expect it. While the public is still mired in the gloom of the Bear Market, with small coins plummeting to zero and sideways fluctuations, savvy investors have already begun to position themselves for the next round of wealth growth opportunities.

The year 2025 is likely to be a turning point for the cryptocurrency industry. Bitcoin ( BTC ) hash rate continues to rise, Ethereum ( ETH ) has the potential for a hundredfold growth expectation, the emergence of new investment structures, the reshaping of market narratives, and changes in the macroeconomic environment. These factors are brewing a storm that could change the entire cryptocurrency landscape.

Let us set aside subjective speculation and systematically analyze the upcoming Bull Market trend from the perspectives of logic, structure, opportunities, and market rhythm. We will focus on BTC, ETH, and emerging tokens with potential to help you seize opportunities in the future market.

Bitcoin: The energy value model shows potential undervaluation

Currently, Bitcoin may be in a severely undervalued state. This judgment is not based on emotions, but rather stems from an objective analysis of the energy value model.

The model was proposed by Charles Edwards in 2019, suggesting that the 'fair value' of BTC should be determined by the energy input of miners, supply growth, and the constant value of energy in dollars. In short, as the hash rate increases and network security improves, the theoretical value of BTC also rises.

According to the latest data from Glassnode, the actual market price of Bitcoin may be about 45% lower than the 'fair value' indicated by its energy value model. This significant gap not only reflects the current market's potential undervaluation of BTC but also suggests the possibility of substantial upside in the future.

As we gradually approach 2025, investors should closely monitor the fundamental changes in the Bitcoin network, including metrics such as hash rate, network security, and mining difficulty, as these factors could become key catalysts for triggering the next bull market.