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Bitcoin May Hit $150K Before Correction, Analyst Predicts

Bitcoin

Bitcoin’s price has been on an impressive upward trajectory lately, making headlines across the financial world. As the flagship cryptocurrency nears its all-time high once again, Glassnode’s lead analyst, James Check, has shared his perspective on Bitcoin’s future. According to Check, Bitcoin could see a significant rally, potentially reaching $150,000 before undergoing a correction, similar to the patterns observed in the 2017 bull run.

At the time of writing, Bitcoin is trading around $104,000, a price level that’s catching the attention of both seasoned investors and new market participants. However, Check believes that the price could go even higher. He points out that the $120,000 to $150,000 range could mark the top for Bitcoin in this cycle, though he warns that once Bitcoin breaks above this range, it is unlikely to stay there for long.

A Familiar Pattern: Comparing 2023 to 2017

James Check is drawing parallels between the current Bitcoin market and the 2016-2017 cycle. Back then, Bitcoin experienced a period of consolidation before an explosive rally toward the end of 2017. This is similar to what Bitcoin is experiencing now. Bitcoin has been in a consolidation phase, bouncing between key support levels, and traders are anticipating that the next big move could be upwards.

Check believes that Bitcoin will follow a similar path to 2017, where the price will gradually rise, reaching the $120,000 to $150,000 range before seeing a correction. This kind of price action would mirror the gains Bitcoin saw in the second half of 2017, where it surged from around $1,000 in January to nearly $20,000 by December. If history repeats itself, Bitcoin could see a similar trajectory over the next few months.

According to Check, the current market is driven primarily by spot-driven activity, meaning that traders are focused on direct buying and selling of Bitcoin rather than relying heavily on derivatives or stablecoins. This trend is also similar to the 2017 cycle when Bitcoin’s price moved mostly in response to direct market buy-ins. Check also notes that while Bitcoin may surge to $150,000, once it hits this level, it could quickly retrace as speculative frenzy takes over.

What Would a $150,000 Bitcoin Mean for Investors?

Bitcoin’s price action has already resulted in significant profits for many holders, particularly those who bought in at lower price points. If Bitcoin does reach the $150,000 mark, short-term holders could see a gain of 66%, while long-term investors could see a profit of more than 500%.

For new investors, these potential profits are enticing, but Check cautions that Bitcoin’s price could drop just as quickly as it rises. He suggests that once Bitcoin crosses the $150,000 mark, it will likely fall back down through that level, resulting in a correction that could unsettle some traders. This price behavior is typical of Bitcoin’s volatile nature, where rapid gains are often followed by sharp declines.

Bitcoin’s Potential in 2025 and Beyond

Many traders are already predicting that Bitcoin’s price could soar to new heights in 2025. Some analysts suggest that Bitcoin’s true peak might not come until later in the year, potentially pushing Bitcoin closer to $200,000 before the next bear market begins. This outlook is based on historical patterns where Bitcoin experiences massive rallies following halving events, which occur approximately every four years.

A crypto trader named Bitquant shared their perspective on social media, suggesting that those claiming Bitcoin has already topped out at its current level are likely to miss out on substantial gains. This aligns with Check’s view that Bitcoin still has room to grow before a significant correction happens. The general sentiment among many Bitcoin enthusiasts is that the cryptocurrency is still in its early stages of the current bull run.

What to Expect in the Next Few Months

The next few months will likely be crucial in determining Bitcoin’s direction. With the price of Bitcoin currently hovering around the $104,000 mark, it is expected to face resistance as it approaches the $120,000–$150,000 zone. If Bitcoin breaks through these levels, it could trigger even more buying activity, pushing the price higher. However, traders should be prepared for a possible pullback after these price levels are reached, as Bitcoin’s volatility is well-known.

The first quarter of 2025 could be crucial for Bitcoin, as macroeconomic factors, such as regulatory news and institutional interest, will likely play a role in shaping the market’s sentiment. Investors will be keeping a close eye on how the broader crypto market reacts as Bitcoin nears its price targets. If Bitcoin manages to hold its ground above $100,000, it could signal that the cryptocurrency is in the midst of another extended bull run.

Conclusion

Bitcoin’s price outlook is looking promising, with many analysts predicting that it could reach as high as $150,000 before encountering a correction. As the cryptocurrency market continues to evolve, it is essential for traders to stay informed and understand that Bitcoin’s volatile nature means both significant gains and losses are possible. If the 2017 cycle is any indication, Bitcoin’s journey to new highs may still have plenty of twists and turns ahead.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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