Bitcoin could reach $150K before retracing

Bitcoin's (CRYPTO:BTC) price trajectory may be mirroring the 2016-2017 cycle, with predictions suggesting it could peak at $150,000, according to Glassnode analyst James Check.

In a recent episode of Theya podcast, Check identified the range of $120,000 to $150,000 as the "topping cloud," indicating that prices above this level may not be sustainable for long.

Trading around $104,000, Check noted that many investors would find themselves profitable if Bitcoin reaches $120,000, with even greater gains if it hits $150,000.

However, he cautioned that surpassing this threshold could lead to a swift retracement back through it.

Check highlighted the significant profits for both short-term and long-term holders if Bitcoin achieves these price levels, with short-term holders seeing a potential 66% profit and long-term holders realising an impressive 509% gain.

He drew parallels between the current market conditions and those of the previous cycle, emphasising that Bitcoin was consolidating around lower prices before its dramatic rise in late 2017.

The analyst predicted that Bitcoin might remain in a consolidation phase until May 2025, characterised by moderate rallies and corrections.

Other traders also speculate that Bitcoin's peak price might not occur until later in the year, with some suggesting a strong bull run in the first quarter of 2025.

Despite differing opinions on timing and price targets, many analysts agree that Bitcoin's trajectory is influenced by various factors, including regulatory clarity and institutional adoption.

At the time of reporting, the Bitcoin (BTC) price was $104,947.