Glassnode Chief Analyst: The peak of this Bitcoin cycle may be $150,000
According to a message from ChainCatcher, as reported by Cointelegraph, Glassnode's chief analyst James Check stated that the price trend of Bitcoin is replicating the cycle from 2016 to 2017 and could reach a peak of $150,000.
Check said in Theya's podcast on January 23rd that $120,000-$150,000 is what he calls Bitcoin’s "topping cloud," and any price beyond this range may not be sustainable in the long term.
He stated: "Anything above this price would be speculative frenzy. I personally believe that if it breaks through this price, Bitcoin might fall back again." Bitbo data shows that the average purchase price for short-term holders of Bitcoin is $90,349 while long-term holders have an average purchase price of $24,627.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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