Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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2024 recap

End of the year – time for positive vibes, optimism and self-reflection. Let’s recap our collective journey in one of the wildest industries together.

Around this time last year, we saw that Solana was performing well relative to Bitcoin, Ethereum, and other ecosystems while memecoins were looking ready to deliver outsized returns. Realising this, after thorough research, we quickly added select memes to our Cryptonary’s picks. Our shift from focusing purely on “utility” or “fundamentals-driven” coins to community-driven assets wasn’t welcomed initially, and there was a lot of uncertainty around our thesis. 

However, as it turned out, our instincts were spot on. Our early call on the memecoin trend helped set the tone for the market, and we were proud to have been at the forefront of this shift by being early to WIF, POPCAT and SPX. It was a wild ride, but it is not a secret that the memecoin sector was one of the strongest in 2024, and our picks were winners in this category.

To accommodate a strategy with memes at heart, we adopted the Barbell Portfolio with majors on the one side and selected memes on the other. This portfolio achieved a performance of 291% since we adopted it (April), proving the effectiveness of our balanced strategy that involved low-risk majors with high-risk memes. 

 

However, not only did we nail on memecoins, but our CPRO picks with diverse assets that also include altcoins outperformed Bitcoin by 638% in 2024, showcasing the strength of our research not only in memes but also in utilities.

 

Our performance was further amplified by our macro insights. We correctly identified a choppy market environment between April and September, and while most hedge funds and major banks expected 25bps rate cuts in September, we boldly predicted a 50bps, and that is what FED has delivered.

Let’s also mention that we have been on the right side of history and called Donald Trump’s victory in the US elections months before the election results and its impact on the crypto market. We rode that together, too.

We have produced over 200 research and analysis pieces, and we have created approximately $200 million of wealth for our CPro members. We have launched 4 tools and introduced a new Trading Course designed to teach members everything from scratch to advanced strategies. Our Airdrop Reports created life-changing opportunities, with members earning six-figure rewards by acting on our guidance.

We also did a lot of live AMAs on Discord. These sessions were packed with value—educating members about the market, analysing charts in real time, and addressing live questions and doubts on the spot.

As we look ahead to 2025, we’re excited to build on this momentum, pushing boundaries and staying true to our mission of empowering every member of our community to succeed in an even bigger and better year ahead!

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Cryptonary’s predictions for 2025

Let’s start from the top: we don’t think the cycle is over. We think that, under Trump’s leadership, Bitcoin will continue to go up while the rest of the market will follow. You can ease your nerves– we think we haven’t topped yet. Here are the rest of the predictions for 2025. 

Battle of majors: BTC v ETH v SOL

Let’s start with what we expect to happen among majors. 2024 has been underwhelming for Ethereum despite strong catalysts such as Dencum upgrade and spot ETH ETF approval. It underperformed both BTC and SOL throughout 2024, and the sentiment around Ethereum has probably reached an all-time low. However, ETH is starting to make a comeback. It is bottoming out against BTC chart-wise and spot ETH ETF inflows have been accelerating.

Additionally, there is a strong, statistically significant seasonal trend where ETH, in general, outperforms BTC from January to May. Paired with the bottoming chart below, we believe the ETH/BTC chart will start reversing, and ETH will outperform BTC in 2025.

Furthermore, some of our models also suggest a shift from the downtrend to the bottoming phase, which has the potential to turn into a bullish trend. This hasn’t happened yet to be fair, however, we believe our models will soon start signalling an uptrend. All in all, we think the ETH-to-BTC ratio will start increasing again, and ETH will outperform BTC in 2025, at least until May or so.

Now, let’s move to Solana. Despite SOL being relatively rangebound against BTC, it has massively outperformed ETH and made a new all-time high in 2024. However, after breaking into price discovery, it is back inside the range even though it has maintained its bullish trend on higher timeframes. 

Solana is in an interesting position here: 1) It needs to absorb the upcoming unlock in March, and 2) it faces competition from more performant chains like HyperLiquid. These two have led to the recent underperformance relative to BTC and ETH. 

However, the good news is that we believe the unlock will be mostly a non-event because it has already been priced in. Secondly, despite the hype, Hyperliquid has a very challenging onboarding process that new retail will struggle with. Therefore, it is likely that Solana will retain its status as the preferred chain for retail investors for AI, DePIN and memecoins. 

Furthermore, our machine learning model suggests that SOL will keep outperforming ETH; the uptrend holds, and the ratio is below the shaded area, which typically signals a reversal and undervaluation. All in all, despite having slight hesitation for SOL due to the price going back into the range against ETH, we still expect SOL to outperform both ETH and BTC in most of the 2025 cycle. 

To summarise, ETH will finally start outperforming BTC, and SOL is still likely to outperform ETH.

Price targets (majors)

Now let’s move to the most interesting part – our price targets…

• Bitcoin: Our team’s collective wisdom suggests a base case target of $140k - $180k per Bitcoin for 2025.
• Ethereum: We are projecting $6k -$8K per ETH in 2025
• Solana: Our base case target for SOL is between $450–$800

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Memecoins

Moving to a billion-dollar question – yes, we do expect at least one or maybe two more memecoin picks that will run to a $1b+ valuation in 2025.

Most of the low-cap PumpFun sh*tfest is over; however, we believe cult memecoins with solid communities will keep striving. The essence of true memecoins is community. There will always be new, shinier tech, more innovation and the next big thing. True memecoins don’t necessarily need tech and aren’t threatened by new innovation because it is all about community and memetics. 

Therefore, we are confident that our memecoin picks will continue their strong performance, even though we think there will be some winners outside of the memecoin sector, and we expect rotations from in and out to memecoins.

Price targets (memecoins)

Our bull thesis targets still hold, and we are likely to see at least double-digits in our 3 memecoin picks in a bull scenario. Here are our bull targets for 2025 for our memes.

• WIF bull target: $100
• SPX bull target: $69
• POPCAT bull target: $40

Here are our base targets for our memecoin peaks

• WIF base target: $20
• POPCAT base target: $10
• SPX base target: $6.9

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Altcoins

We have been bearish on most of the altcoins throughout 2024, and we bet on the majors and memecoins heavily instead. We have been mostly accurate in our calls, and the market has rewarded all of us nicely in 2024. 

However, the tides seem to be shifting. With the new crypto-friendly administration, utility coins are coming back, and we are likely to see more rotations from sector to sector. Furthermore, many new utility coins have learnt their lessons from memes– most of them are trying to fair-launch without VCs and give an opportunity for retailers to get in early as well. 

For example, Anzen sold almost 7% of its supply to the public at a $6m valuation before shooting to $32m post-token generation (TGE). Hyperliquid didn’t have any VCs involved, and it airdropped 31% of the community. The price has been vertical since TGE. Most AI agents are trying to fair-launch and protect the token from snipers. The trend is clear – utility coins are learning from memecoins and are trying to put the community first.

However, even with solid communities, utility coins’ valuations are inherently capped at their “utility”. That means memes will still provide much higher upside potential. However, if there is money to be made, we will remain open-minded and adjust to what the market is telling us. 

Our thesis is that 2025 will be rotational, where DeFi, AI, RWA and memecoins will be pumping one after another. Therefore, unlike in 2024, we are bullish on utility coins, and we will pay close attention to them.

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Macro outlook

There are several key things we have our eyes on in terms of macro. First of all, the leader of the free world, who is pro-crypto, is inaugurated in January. Donald Trump has been promising to build a strategic reserve of Bitcoin. Some of our team members think the US will indeed adopt it; others believe it is not going to happen this soon and maybe not even under Trump. Similarly, prediction markets suggest that strategic reserve has a chance of happening, but this is not yet clear.

But what we agree on is that talks about the Strategic Reserve will keep persisting, and other countries will copy Trump to leverage Bitcoin to gain support among their population as well. We can already see it in Russia, Japan, and China. Many more countries will further embrace crypto, with Trump leading by example.

Another thing we expect is for FED to keep cutting interest rates. The Federal Reserve is projecting 2 rate cuts in 2025 rather than 4. They are likely to be frontrunning Trump’s inflationary policies, such as tariffs. However, we think Trump is using tariffs as a negotiating tactic, and if he is mostly satisfied with the deals, he might not end up imposing tariffs as much as he was signalling.

Therefore, we think there is a chance we will see 3 rate cuts instead of 2 if Trump’s policies aren’t as inflationary as the FED expects. This would certainly be bullish for the markets.

Overall, we think 2025 will be bullish for crypto even though we can expect volatility and uncertainty in between. Considering we have been in a bull run since November 2022, we might not be early; however, we do think we haven’t topped yet. We think the top will be in 2025, or maybe it will be in early 2026 if we have an elongated cycle.

However, the most likely scenario so far is a typical 4-year cycle with the top in 2025. If that would be true, the top can be anywhere between March and January 2026. However, the closer dates to August have the most likelihood of marking the top.

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Cryptonary’s take

We have performed incredibly well in 2024, even though there were opportunities we missed. But this is part of the game – can’t catch everything. However, we do adapt to new information in the market. We have been very sceptical of utility coins throughout 2024, but going into 2025, we remain open-minded and believe utility will have its time along with select culty memes. AI, in particular, looks very interesting at this moment.

Overall, it's setting up to be the most bullish year in crypto history because of Trump, pro-crypto US Senate and world leaders embracing crypto. The leader of the free world is inaugurated in January and will lead by example. We are expecting other countries to follow suit.

Some thoughts for 2025: always remember that markets can actually go down, leverage flushouts can happen, and you should be well-prepared for market volatility. That is why you should always remember to manage risks, even in the most bullish environments. Less is more; sit on the spot and don’t touch leverage if you are not experienced. 

Don’t get too greedy and have an exit plan. Don’t chase pumps and get shaken out from your core picks; have conviction in your picks. The future is bright, and in 2025, there will be an abundance of wealth to be made! And we will be with you, watching the market, identifying opportunities and supporting you in your journey.

Happy New Year!