Following a rally in recent weeks, leading cryptocurrency Bitcoin (BTC) broke a new record, surpassing $123,000. Following a subsequent correction, BTC continues to consolidate below $120,000.
While Bitcoin’s rise is expected to continue, the price is expected to reach 200,000-250,000 dollars by the end of the year.
However, the Glassnode analyst said that Bitcoin is unlikely to reach $200,000 this year.
Speaking to the YouTube channel Less Noise More Signal, Glassnode chief analyst James Check stated that the buying pressure and trading volume in Bitcoin are insufficient, and that it is unlikely that the price will reach $200,000 in 2025.
“Bitcoin is unlikely to reach $200,000 this year.
This is because there is not enough buying pressure and trading volume remains low.”
The analyst also noted that Bitcoin still has many obstacles to overcome, warning that a major drop could occur if the price rises without proper support.
“There are many thresholds ahead of us, such as $130,000 and $140,000.
Without strong and stable support, any rapid price increase could result in an equally sharp decline.”
The analyst also stated that he will not take long-term leveraged positions until trading volume increases, adding, “I will not take risks until market stability is achieved.”
Finally, emphasizing that Bitcoin will eventually surpass $200,000, the analyst said, “I am confident that Bitcoin will definitely surpass $200,000 in the next five years. I am investing most of my assets in Bitcoin.”
*This is not investment advice.