The leading cryptocurrency Bitcoin rose above $106,000 yesterday with news about the US Bitcoin reserve and increasing expectations.
However, this rise was short-lived and the BTC ($105,355.76) price started to decline again. At this point, while it was wondered whether BTC would rise or not, Glassnode chief analyst James Check shared his current analysis.
Stating that he expects Bitcoin to rise further, Glassnode analyst said that Bitcoin is mimicking the 2016-2017 cycle and could go up to $150,000.
He said that Bitcoin could reach a peak of $150,000 in this cycle, or even exceed it, but it would not be able to hold on to that level for a long time.
According to the analyst, if the Bitcoin price rises above $150,000, it will probably not be able to stay there permanently and will soon turn back downwards.
“Bitcoin is moving similarly to the 2016-2017 cycle and the price could go higher.
At this point, my top range for BTC in this cycle is between $120k and $150k.
Bitcoin could definitely break the $150,000 cap, but the probability of it staying at that cap is very, very low.
I think probably if we go above that, we’ll drop back down again.
As a result, Bitcoin could break above $150,000 before pulling back in a repeat of the 2017 cycle, but it won’t last long.”
Consolidation in Bitcoin May Last Until May!
Finally, comparing the current situation with the 2016-2017 cycle, James Check stated that Bitcoin consolidated and fluctuated between $800 and $1,600 in the first half of 2017, then rose in the second half and reached $19,783.
Based on this data, the analyst said, “If Bitcoin continues to follow its 2017 pattern, the asset is likely to remain in a consolidation period until May.”
*This is not investment advice.
Continue Reading: Glassnode Announces Bitcoin (BTC) Peak Prediction and Level at Which It Will Enter the Bear Market!
