Bitcoin News

Bitcoin Could Skyrocket by Nearly 2x Before Hitting Cycle Top, Glassnode Co-Founders Say – Here’s Their Outlook


The co-founders of crypto market intelligence firm Glassnode say that Bitcoin (BTC) could double up before finding its cycle top.

In a new thread, Glassnode co-founders Jan Happel and Yann Allemann  – who go by the handle Negentropic tell their 63,300 followers on the social media platform X that market sentiment appears to be influenced by “half-way jitters” due to the latest crash.

However, they say that the correction hasn’t changed their outlook on the crypto king, predicting that BTC will reach a top of $110,000 during this cycle, nearly a 50% increase from its current price.

“Is this the big thing – the big crash? Or is this just part of a normal correction in a strong bull trend? Our target has not changed. BTC to reach ~$110,000 area before [the] top is in.

The consolidation we see now is merely a retest of the former [all-time high]-area. Of course, we need to see it happening. Crossing of $64,000 – and later $70,000 is needed. But for now, sentiment seems to be influenced by ‘half-way jitters.’”

Source: Negentropic/X

According to Negentropic, Bitcoin is becoming less correlated with stock indices such as the S&P 500 and the Nasdaq largely because of crypto-specific factors.

“While the S&P 500 (+4.5%) and Nasdaq (+7.5%) soared to new highs in June, Bitcoin lagged behind. The key reason: endemic factors are keeping Bitcoin in check, such as Marathon Digital’s massive sell-off of 1,400 BTC.”

Source: Negentropic/X

Bitcoin is trading for $56,518 at time of writing, a 2.7% decrease during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at Bitcoin News – The Daily Hodl…