Bitcoin Could Hit $150K Before Retrace, Analyst Predicts a Repeat of 2017 Cycle

Bitcoin may be on track to reach new heights, with its price action resembling the 2016-2017 bull run, according to James Check, lead analyst at Glassnode. Speaking on the Theya podcast on January 23, Check predicted Bitcoin could hit a peak of $120 to $150K before facing a potential retrace.

“Topping Cloud” and Profit Expectations

Check described the $120K to $150K range as a “topping cloud” for Bitcoin, suggesting prices above this level are unlikely to hold for long. “We can absolutely bust out the top end of that, with a very, very low probability of staying at the top end,” he said.

Currently trading at $103,019, Bitcoin offers significant profit potential for investors at these predicted highs. Check noted that short-term holders, who paid an average of $90,349 per Bitcoin, would see gains of 66% if Bitcoin hits $150K. 

Meanwhile, long-term holders, with an average buy price of $24,627, could see a staggering 509% profit. Check also warned of speculative fever, explaining that prices beyond $150,000 would likely be temporary, followed by a retrace back into the “topping cloud.”

Parallels with the Bitcoin 2017 Cycle

The analyst highlighted similarities between the current crypto cycle and the 2016-2017 period. Back then, Bitcoin consolidated between $800 and $1,600 in the first half of 2017 before skyrocketing to a peak of $19,783.

“This cycle feels very spot-driven, similar to 2016-2017, before derivatives and stablecoins played a major role,” Check said. He anticipates Bitcoin could remain in a consolidation phase until May, with “moderate rallies and cool-downs” leading up to a potential explosive move later in the year.

As Bitcoin edges closer to new milestones, investors and analysts alike are keeping a close eye on its next moves. While the market faces uncertainty, the echoes of past cycles offer a roadmap for what could lie ahead.