Bitcoin Could Hit $150K but Struggle to Hold, Says Glassnode Analyst
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Bitcoin recently climbed above $106,000, fueled by news of a potential U.S. Bitcoin reserve and growing market optimism.
However, the rally proved short-lived as the price began to retreat. Amid speculation about Bitcoin’s next move, Glassnode’s chief analyst, James Check, shared his outlook, drawing parallels to the 2016-2017 market cycle.
According to Check, Bitcoin’s price behavior mirrors its historical trend during that cycle and could potentially reach $150,000 in this run. He noted that while Bitcoin might briefly exceed this level, it’s unlikely to sustain such a peak for long.
— Theya (@TheyaBitcoin) January 23, 2025
“Bitcoin is following a pattern similar to the 2016-2017 cycle,” he explained, adding that his upper target range for the current cycle lies between $120,000 and $150,000. “Although Bitcoin could break the $150,000 mark, the chances of it holding there are very slim. A pullback would likely follow.”
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Drawing further comparisons to 2017, Check highlighted that Bitcoin spent the first half of that year fluctuating between $800 and $1,600 before embarking on a significant rally in the latter half, ultimately reaching $19,783.
He suggested that if Bitcoin continues to follow this historical pattern, it may remain in a consolidation phase until May, with more dramatic price movements expected in the second half of the year.
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