Bitcoin faces significant selling pressure. Bulls encounter resistance at $66,000. Bears aim for a retest of $60,000 or May lows. But one analyst remains unbelievably optimistic.

Thomas Fahrer from Apollo Stats acknowledges Bitcoin's precarious position - the leading cryptocurrency balances between potential mass institutional adoption and a damaging price drop from the Mt. Gox payout in July 2024.

But despite short-term risks, the analyst believes in Bitcoin's long-term potential. Dropping to $60,000 won't kill anyone, though the decline might turn out to be even more significant. The worst case scenario, according to Fahrer, is going as low as $40,000.

But that won't prevent BTC to skyrocket to $500,000 soon afterwards.

The analyst emphasizes Bitcoin's "asymmetric opportunity". They consider it the "most attractive investment in the market" due to this characteristic.

Institutional inflows are key to the analyst's bullish outlook. They estimate that $200 billion allocated to spot Bitcoin ETFs by pension funds and advisors could drive prices up by nearly 12 times. In fact, that alone would mean surging to $500,000. Or even higher.

Bernstein analysts predict institutional allocation to spot Bitcoin ETFs will begin in Q3 and Q4 2024. This could attract a new wave of well-funded investors. Probably, those who have been hesitating about joining the ride up until now.

Bernstein's projections are ambitious, they forecast Bitcoin reaching $200,000 by 2025 and $1 million by 2033. That comes aligned with Michael Saylor recent words about the moment of scarcity in 2033, when the last Bitcoin is supposed to be mined.

However, challenges remain. In late May, over 140,000 BTC moved from Mt. Gox exchange wallets to a new address. Mt. Gox creditors plan to sell BTC and distribute funds from July 2024. Some analysts boldly claim this could potentially impact Bitcoin's price trajectory and add an element of uncertainty to the market.