Bitcoin hitting $200K this year ‘very improbable,’ says analyst
Main Idea
Glassnode lead analyst James Check believes Bitcoin is unlikely to reach $200,000 this year due to low buying volume, but predicts it will surpass that level within five years.
Key Points
1. Bitcoin reaching $200,000 in six months is considered 'very improbable' by Glassnode's James Check, as it would nearly double its current market cap.
2. Check notes that Bitcoin has surpassed $120,000, the first stage toward $200,000, but emphasizes the need for sustained volume and follow-through.
3. Other analysts, such as Bitwise's Matt Hougan and anonymous apsk32, predict Bitcoin will hit $200,000 by the end of 2025, citing supply shocks and historical trends.
4. Bernstein Research supports the $200,000 forecast for 2025, attributing it to institutional demand from spot Bitcoin ETFs and BTC treasury investments.
5. Check acknowledges uncertainty in Bitcoin's short-term price movement but remains confident in its long-term growth beyond $200,000.
Description
Glassnode lead analyst James Check says in five years’ time Bitcoin will be “well and truly” past the $200,000 price level, but doesn't expect it to surpass that this year.
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