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

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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Bitcoin
BTC

$122,774.48


1.83%

Bitcoin
BTC


Price

$122,774.48

1.83% /24h





Volume in 24h

$73.55B
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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.

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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Data Points That Strengthen the Case: Can BTC Break $150k in 2025?

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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