Bernstein Predicts Bitcoin (BTC) Price Will Hit $200,000 by 2025, Calling the Forecast “Conservative.”

Bitcoin price continued its downward trend on Wednesday as the fear and greed index moved from the greed zone to 56. It retreated to $66,500, much lower than this week’s high of $69,300.

The price of Bitcoin (CRYPTO: BTC) continued to decline on Wednesday as the fear and greed index shifted from the greed zone to 56. BTC retreated to $66,500, still substantially lower than the highest point this week of $69,300.

Wall Street bullish on Bitcoin

There are indications that many Wall Street analysts have become highly bullish on the price of Bitcoin. In a note on Wednesday, analysts at Bernstein, a firm with $725 billion in assets under management (AUM) predicted that the coin will reach $200,000 by 2025. Such a move will see the coin rise by over 200% from the current level.

JUST IN: $725 billion Bernstein predicts #Bitcoin will hit $200,000 in 2025, calling the forecast “conservative.”

Bernstein is not the only major Wall Street player bullish on Bitcoin. In a recent White Paper, Blackrock, a firm with over $11 trillion in assets, stated that Bitcoin was among the best diversifiers. The company has also continued to buy the coin over the past few months.

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Meanwhile, Standard Chartered, a top bank with $822 billion in assets, has predicted that the coin will surge to $125,000 if Donald Trump wins the general election. Paul Tudor Jones, a popular billionaire, has also made a bullish Bitcoin prediction, citing the rising inflation.

More data showed that 1,179 institutions have invested in spot Bitcoin exchange-traded funds (ETFs), including the biggest hedge funds in the world. Some of the most notable are Millenium Management, Susquehanna, Jane Street, Capula, and D.E Shaw.

Most of these funds view Bitcoin as an uncorrelated asset, which tends to move in the opposite direction to American stocks. It has also performed well against stocks and gold. For example, it has risen by nearly 60% this year, while the S&P 500 and Dow Jones have risen by less than 25%.

There is still a huge demand for Bitcoin ETFs as the year-to-date inflows surged to over $21.1 billion.

Bitcoin price technical analysis

The daily chart shows that Bitcoin has stalled in the past few days. This pullback happened after the coin rose and hit the descending trendline that connects the highest levels since March 14. This price is also the upper side of the falling broadening wedge chart pattern, a usually bullish sign.

Bitcoin has formed a golden cross as the ۵۰-day and ۲۰۰-day Weighted Moving Averages (WMA) have formed a bullish crossover pattern. In most periods, this is one of the strongest bullish patterns in the market.

Bitcoin’s oscillators are also supportive, with the MACD and the Relative Strength Index (RSI) pivoting upwards. Therefore, there is a likelihood that the coin will continue soaring as bulls target the all-time high of $73,800.

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