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New Wall St. Bitcoin Price Prediction: Can BTC Push Toward $231K?

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The price of Bitcoin has returned more than 10% from the minimum of September and is once again observing $ 124,514 ATH.

Are the traders debating if this is the beginning of another leg or just another configuration for a trap for bulls?

Bitcoin Price: Why are Wall Street analysts becoming bullies on Bitcoin?

Market capitalization





Citigroup exposed three scenarios for the SVG .CWP-Coin-Chart {Width: 0.65 path! IMPORTANT; }






Bitcoin

Bitcoin





1.83%








Bitcoin

Bitcoin
Btc


Price

$ 122,774.48

1.83% /24 hours





Volume in 24h


$ 73.55b

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7D price

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In the next 12 months. Their basic case provides for a 50% rally at $ 181,000, while the Bull case projects an increase of $ 231,000, which represents a 93% increase compared to current levels.

“The prize grows as the institutional demand expands while the offer narrows on exchanges,” wrote Citi in his note to customers.

Blackrock has even gone further, suggesting that Bitcoin could possibly reach $ 700,000 in the long term. Catie Wood of Ark Invest reiterated his request for BTC above $ 2.4 million, citing his role of disruptive monetary technology.

The Bitcoin Spot Etfs have attracted over $ 54 billion this year, while Glassnode indicates that the exchange sales are at the lowest point since 2017. The offer is being reduced just as the institutional demand continues to rise.

(Source: Coinglass)

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The power supply is measurable for BTC. Glassnode reports that the miner’s difficulty is at the historic highs and that over 70% of Bitcoin’s circulating supply has remained unchanged for over a year. This IlLiquida offer amplifies the impact of new institutional influences.

In the meantime, Bitcoin correlation with S&P 500 and Nasdaq has decreased, according to Fred, strengthening its emerging role as “digital gold”. Blackrock observed in a White Paper that BTC has constantly exceeded traditional resources following a crisis, from the covidal accident to the war in Ukraine.

(Source: TradingView)

The graphs are equally convincing. BTC has recovered the EMA of 50 days at $ 113,830 and is now forming a bullish flag structure. Traders are observing the following milestones:

  • First stop: $ 124,200, the maximum since the beginning of the year.
  • Psychological barrier: $ 125,000.
  • Offshoot target: $ 131,250, based on Murrey mathematics lines.

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Macro Jolly

Ratorm cuts, inflation led by oil and the ETF question pushed Bitcoin to $ 120k, which is why Wall Street is bullish. The offer on exchanges continues to thin out, the institutions continue to buy and more trader are observing the goal of $ 231k in Citi for next year.

The route is bullish, but we will continue to see the turbulence along the journey.

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  • The price of Bitcoin has returned more than 10% from the minimum of September and is once again observing $ 124,514 ATH.

  • Bitcoin Etf Spots have obtained over 54 billion dollars this year, while Glassnode shows exchange sales in their lowest point since 2017.

The forecast of Post New Wall St. Bitcoin prices: can BTC push towards $ 231k? He appeared first out of 99bitcoin.

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