At press time, Bitcoin is under massive selling pressure, with printing discouraging lower lows. While the coin is trading at $66,000 and heading for a retest of $60,000 or even the May lows, one analyst disagrees.

Bitcoin Analyst Upbeat: Next Stop $500,000?

IN post on X, the analyst admitted that the coin is currently on an uncertain path. As it stands, Bitcoin is teetering between the possibility of mass institutional adoption in the next few months and the huge likelihood of a damaging price cut from the colossal Mt.Gox payout set for July 2024.

Still, while there is a risk that Bitcoin could crash even with $60,000 being retested in the coming days, the analyst said the prospect of price increases next year far outweighs the possibility of an emergency airdrop. According to the trader’s assessment, Bitcoin can be traded to $40,000 at the lower limit.

However, if buyers take control, the coin’s price could reach as high as $500,000 within 12 months. This rating presents a compelling risk-reward proposition that would greatly benefit HODLers who may not be swayed by short- to medium-term bear cycles.

Given what’s on the table, the analyst highlighted the “asymmetric opportunities that Bitcoin presents,” a feature the trader says makes the world’s most valuable coin “the most attractive investment on the market.”

ETF Inflow Spot to Counter Mt.Gox BTC Sell?

Specifically, the analyst claims that BTC will enhance due to institutional inflows. Based on this outlook, the trader estimates that if pension funds and advisors allocate $200 billion to Bitcoin spot funds (ETFs), it would be enough to push prices up almost 12 times in the coming months.

In a recent report, Bernstein stated that institutions will likely begin allocating funds to BTC spot ETFs in the third and fourth quarters of 2024. If true, this development will be a game-changer as it will pave the way for a modern wave of deep-pocketed investors.

Despite billions of inflows to spot Bitcoin ETFs over the past five months, it has been waiting on the sidelines for improved liquidity. If anything, Bernstein is sanguine that the coin will reach $200,000 by 2025 and $1 million by 2033.

While analysts are sanguine, there are potential hurdles along the way. At the end of May, over 140,000 BTC were transferred from multiple wallets belonging to the now-defunct Mt.Gox exchange to a modern address, data from Bitinfocharts to show. To compensate victims of Mt.Gox hacks, creditors will sell BTC and distribute it from July 2024.