Jan Happel and Yan Allemann, the minds behind Glassnode, foresee Bitcoin (BTC) reaching its cycle’s zenith in a mere four to five weeks.
According to U.Today, Bitcoin recently achieved an unprecedented high of $125,708 on Bitstamp.
Despite this surge, it failed to sustain its momentum and retreated below $123,000 earlier today.
The recent spike seems like a typical Sunday anomaly with no clear indication of lasting impact from this rally.
Is the bull market set to persist?
Experts like Tom Lee suggest that Bitcoin might exceed $200,000 within the year. However, such rapid growth is improbable within the timeframe suggested by Glassnode’s founders.
Bettors on Polymarket give Bitcoin only a 1% chance of hitting $200,000 this month. The likelihood of BTC surpassing this mark by 2025 stands at 7% currently.
Certain optimists argue that BTC has more potential for growth since it remains underperforming by about 10%. If it were to match its peak against gold from 2021 while gold prices stay constant, Bitcoin would trade above $150,000.