Bitcoin Could Hit $150K but Struggle to Hold, Says Glassnode Analyst

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.

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“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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.