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Glassnode co-founders Jan Happel and Yan Allemann have predicted that the price of Bitcoin (BTC) could reach the peak of the current cycle within just four or five weeks.
As reported by U.Today, the flagship cryptocurrency reached a new record high of $125,708 on the Bitstamp exchange.
However, it failed to enter a new price discovery stage and gave up most of its gains, slipping below the $123,000 level earlier today.
So far, the sudden price jump looks like a typical Sunday fakeout, and it is unclear whether something substantive will actually come out of the most recent rally.
Will the bull run continue?
Various pundits, such as Tom Lee, believe that the cryptocurrency could surpass $200,000 this year. However, this is extremely unlikely to happen within the relatively short span of time that was mentioned by the Glassnode analysts.
According to Polymarket bettors, Bitcoin has only a 1% chance of surging to $200,000 this month. The odds of BTC eventually surpassing this level during the remainder of 2025 currently stand at 7%.
Some bulls believe that BTC still has more room to run due to the fact that the cryptocurrency is still underperforming by as much as 10% despite the recent gains. If Bitcoin were to reclaim its 2021 peak against the yellow metal, its price would be trading above $150,000 (assuming that the gold price remains flat).
Dan Burgin
Vladislav Sopov
U.Today Editorial Team