The co-founders of crypto analytics platform Glassnode predict a six-figure price tag for Bitcoin (BTC) by 2025.
In a new thread, Jan Happel and Yann Allemann, who use Negentropic, narrate their 63,000 followers on the social media platform X that the crypto king will rise to $100,000 next year.
But so do the co-founders of Glassnode remark that BTC’s risk index is rising, meaning the price could fall further before a rally occurs.
“The Bitcoin Risk Index has risen, but still remains far from the levels observed when Bitcoin corrected to $56,500 in May and bounced back from $53,500 in July.
When a clear peak forms in the risk signal, the value often quickly retreats and we see another price increase. If BTC continues to correct, a double bottom could occur. Then it is crucial to observe whether the risk signal formed a clear peak or continues to rise.
The more pronounced the spike in risk, the greater the chance of not only finding a better entry price, but also potentially anticipating an explosive upward move.”
In a recent article on the data analytics platform Swissblock Insights, Negentropic warns Investors should beware of bull traps after new consumer price index (CPI) data emerged.
Happel and Allemann say that despite bullish news, risk levels for BTC are high, meaning the top crypto assets by market cap are likely to remain bullish.
“While we have seen a decisively bullish news flow overall, our indicators suggest that risk levels are rising and bearish momentum remains.
Positive news items are likely to serve as bullish fakeouts and we recommend not being too reactive to such news events, but rather using pullbacks as an entry point. If you are using leverage, we don’t think this is the time to go long.”
Bitcoin is trading at $58,133 at the time of writing, down 2.2% in the past 24 hours.
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