It's been a stellar year for Bitcoin -- and cryptocurrency bulls are predicting more heady gains in 2025.

The world's largest token has jumped 123% since Jan. 1, powered higher by the expectation that President-elect Donald Trump's incoming administration will slash digital-asset regulation, as well as excitement around spot exchange-traded funds that have opened the crypto to institutional investors for the first time.

But the rally has stalled in recent weeks. On Monday, Bitcoin was trading flat at $93,707 -- about 16% short of the record high it hit on Dec. 17.

Alex Thorn, head of research at the crypto trading firm Galaxy Digital, sees the selloff as just a blip. He said in a note on Friday that Bitcoin's price will pass $150,000 over the first half of next year and "test or best" the $185,000 level by the end of 2025.

"A combination of institutional, corporate, and nation state adoption will propel Bitcoin to new heights in 2025," Thorn wrote.

"Throughout its existence, Bitcoin has appreciated faster than all other asset classes, particularly the S&P 500 and gold, and that trend will continue in 2025," he added.

The whole market isn't so bullish, though. On Monday, XS.com analyst Rania Gule said Bitcoin could slide to about $85,000 because of the expiration of about $14 billion worth of options contracts.