The Bitcoin price has clawed back more than 10% from its September lows and is once again eyeing the $124,514 ATH.
Traders are split debating if this is the start of another leg higher, or just another setup for a bull trap?
Bitcoin Price: Why Are Wall Street Analysts Turning Bullish on Bitcoin?
Citigroup has laid out three scenarios for
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over the next 12 months. Their base case predicts a 50% rally to $181,000, while the bull case projects a surge to $231,000, representing a 93% increase from current levels.
“The premium grows as institutional demand expands while supply shrinks on exchanges,” Citi wrote in its note to clients.
Citi introduces new 12-month price targets for digital assets:
Bear Base Bull
BTC $82k $181k $231k
ETH $2k $5.4k $7.3k pic.twitter.com/AlpWPaK2YW— matthew sigel, recovering CFA (@matthew_sigel) October 2, 2025
BlackRock has gone even further, suggesting Bitcoin could eventually reach $700,000 in the long run. Ark Invest’s Cathie Wood reiterated her call for BTC above $2.4M, citing its role as a disruptive monetary technology.
Spot Bitcoin ETFs have attracted more than $54Bn this year, while Glassnode indicates that exchange balances are at their lowest point since 2017. Supply is shrinking just as institutional demand keeps rising.
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The supply squeeze is measurable for BTC. Glassnode reports that miner difficulty is at an all-time high, and more than 70% of Bitcoin’s circulating supply has remained unchanged for over a year. This illiquid supply amplifies the impact of new institutional inflows.
Meanwhile, Bitcoin’s correlation with the S&P 500 and Nasdaq has declined, according to FRED, reinforcing its emerging role as a “digital gold.” BlackRock noted in a white paper that BTC consistently outperformed traditional assets following crises, from the Covid crash to the war in Ukraine.
The charts are equally compelling. BTC has reclaimed the 50-day EMA at $113,830 and is now forming a bullish flag structure. Traders are eyeing the following milestones:
- First stop: $124,200, the year-to-date high.
- Psychological barrier: $125,000.
- Overshoot target: $131,250, based on Murrey Math Lines.
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The Macro Wild Card
Rate cuts, oil-driven inflation, and ETF demand have pushed Bitcoin to $120K, which is why Wall Street is bullish. Supply on exchanges keeps thinning, institutions keep buying, and more traders are eying Citi’s $231K target for next year.
The path is bullish, but we will continue to see turbulence along the ride.
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Key Takeaways
- The Bitcoin price has clawed back more than 10% from its September lows and is once again eyeing the $124,514 ATH.
- Spot Bitcoin ETFs have pulled in more than $54 billion this year, while Glassnode shows exchange balances at their lowest point since 2017.
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