Glassnode Predicts Bitcoin Could Double in Value Before Peak
The co-founders of crypto market intelligence firm Glassnode believe Bitcoin (BTC) could potentially double before reaching its cycle peak.
In a recent thread on the social media platform X, Jan Happel and Yann Allemann, who use the handle Negentropic, shared that recent market sentiment shows hesitation following the latest downturn.
Do you have “half-way jitters”? #BTC has seen a period of strong selling. Various rumours on #FinTwit are circulating why BTC is pulling back.
Is this the big thing – the big Crash? Or is this just part of a normal correction in a strong Bull trend?
Our target has not… pic.twitter.com/dnTMUVqI7q
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 4, 2024
Despite this correction, they maintain a bullish outlook on Bitcoin, predicting a peak around $110,000, which represents nearly a 50% increase from its current price.
The current consolidation phase is seen as a necessary retest of previous all-time highs, with emphasis on Bitcoin needing to surpass key levels like $64,000 and eventually $70,000. However, market sentiment currently reflects hesitancy, often referred to as ‘half-way jitters.’
READ MORE: Mt. Gox Repayments Threaten Bitcoin Price Stability
Negentropic also notes that Bitcoin’s reduced correlation with traditional stock indices like the S&P 500 and Nasdaq is largely due to specific factors within the crypto market.
While the S&P 500 (+4.5%) and Nasdaq (+7.5%) reached new highs in June, Bitcoin’s performance experienced a significant correction, attributed to internal factors affecting Bitcoin, such as the miners’ sell-off, as well as the massive transactions from the German government’s wallet and the start of the Mt. Gox repayment plan.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
