The co-founders of crypto market intelligence firm Glassnode say Bitcoin (BTC) could double before reaching its cycle top.
In a new thread, Glassnode co-founders Jan Happel and Yann Allemann – which go to the Negtropic handle – narrate According to their 63,300 followers on social media platform
However, they say the correction hasn’t changed their view of the crypto king, predicting BTC to top $110,000 during this cycle, an increase of almost 50% from the current price.
“Is this the big thing – the big crash? Or is this just part of a normal correction in a strong bull trend? Our goal has not changed. BTC is more likely to reach ~$110,000 area [the] top is inside.
The consolidation we are seeing now is just a retest of the first [all-time high]-area. Of course we have to see it happen. An overage of $64,000 – and later $70,000 is needed. But for now, sentiment seems to be influenced by ‘halfway jitters.’”
According to Negentropic, Bitcoin is becoming less and less correlated with stock indices like the S&P 500 and the Nasdaq largely due to crypto-specific factors.
“While the S&P 500 (+4.5%) and Nasdaq (+7.5%) rose to new highs in June, Bitcoin lagged. The main reason: endemic factors are keeping Bitcoin in check, like Marathon Digital’s huge sell-off of 1,400 BTC.”
Bitcoin is trading at $56,518 at the time of writing, down 2.7% in the past 24 hours.
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Generated image: Midjourney