Bitcoin’s (BTC-USD) recent cross above $100,000 has emboldened Wall Street bulls.

After Donald Trump’s presidential win catalyzed the token’s rally on hopes of crypto-friendly policies, this week’s push to record highs above $103,000 per token has some strategists looking for another doubling in price by the end of next year.

“We remain convinced $100,000 is not the final milestone,” Bernstein analyst Gautam Chhugani wrote in a note on Thursday. “We expect Bitcoin to hit a cycle-high of $200,000 in late 2025,”

Chhugani noted the President-elect’s pick of crypto advocate Paul Atkins to chair the Securities and Exchange Commission, along with a broader regulatory direction under Trump 2.0, “is materially positive” for the wider crypto industry.

After bitcoin surpassed $100,000 for the first time, Trump took to social media early Thursday to congratulate crypto investors, adding, “YOU’RE WELCOME!!!”

Later that day, the president-elect announced he would appoint venture capitalist David Sacks as the incoming administration’s “AI and Crypto Czar.” The move was seen as yet another positive sign for the industry.