Bitcoin
is
under
immense
selling
pressure
at
press
time,
and
printing
discourages
lower
lows.
While
the
coin
finds
a
ceiling
at
$66,000
and
bears
targeting
a
retest
of
$60,000
or
even
May
lows,
one
analyst
is
defiant.

Bitcoin
Analyst
Upbeat:
Next
Stop
$500,000?

In
a

post

on
X,
the
analyst
admitted
that
the
coin
is
currently
treading
on
a
precarious
path.
As
things
stand,
Bitcoin
is
teetering
between
the
possibility
of
mass
institutional
adoption
in
the
next
few
months
and
the
crashing
likelihood
of
a
damaging
price
dump
from
the
colossal
Mt.
Gox
payout
set
for
July
2024.

 

Even
so,
while
there
is
a
chance
Bitcoin
might
crash,
even
retesting
$60,000
in
the
coming
days,
the
analyst
said
the
prospect
of
price
gains
next
year
far
outweighs
the
possibility
of
a
crash
dump.
According
to
the
trader’s
assessment,
Bitcoin
could
sell
off
to
$40,000
on
the
lower
end.

However,
if
buyers
take
charge,
the
coin
could
float
to
as
high
as
$500,000
within
12
months.
This
assessment
presents
a
compelling
risk-reward
proposition
that
would
massively
benefit
HODLers
who
can’t
be
shaken
by
short-
or
medium-term
bear
cycles.

Considering
what’s
on
the
table,
the
analyst
emphasized
the
“asymmetric
opportunity
presented
by
Bitcoin.”
It
is
a
feature,
the
trader
argues,
that
makes
the
world’s
most
valuable
coin
the
“most
attractive
investment
in
the
market.”

Spot
ETF
Inflows
To
Counter
Mt.
Gox
BTC
Sale?

Specifically,
the
analyst
banks
on
BTC
to
rise
due
to
institutional
inflows.
Based
on
this
outlook,
the
trader
assesses
that
if
pension
funds
and
advisors
allocate
$200
billion
to
spot
Bitcoin
exchange-traded
funds
(ETFs),
it
would
be
enough
to
propel
prices
by
nearly
12X
in
the
coming
months.

 

In
a
recent

report,
Bernstein
said
institutions
will
likely
start
allocating
funds
in
spot
BTC
ETFs
in
Q3
and
4
2024.
If
true,
this
development
would
be
a
game-changer
since
it
would
pave
the
way
for
a
new
wave
of
deep-pocketed
investors.

Despite
the
billions
of
inflows
to
spot
Bitcoin
ETFs
in
the
last
five
months,
there
have
been
waiting
on
the
sidelines
for
improved
liquidity.
If
anything,
Bernstein
is
bullish,
predicting
the
coin
to
reach
$200,000
by
2025
and
$1
million
by
2033.

Bullish
as
analysts
may
be,
there
are
potential
roadblocks
along
the
way.
In
late
May,
over
140,000
BTC
were
moved
from
multiple
wallets
belonging
to
the
defunct
Mt.
Gox
exchange
to
a
new
address,
data
from
Bitinfocharts

show.
To
compensate
the
Mt.
Gox
hack
victims,
creditors
will
sell
BTC
and
distribute
them
from
July
2024.

Feature
image
from
Canva,
chart
from
TradingView

Go to Source
Author: Dalmas Ngetich

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