Bitcoin Could Skyrocket by Nearly 2x Before Hitting Cycle Top, Glassnode Co-Founders Say

The co-founders of Glassnode, a crypto market intelligence firm, believe that Bitcoin (BTC) could double in value before reaching its cycle peak.

In a recent Twitter thread, Glassnode co-founders Jan Happel and Yann Allemann, known as Negentropic, shared with their 63,300 followers on X that market sentiment seems to be affected by recent fluctuations caused by a crash.

Despite the correction, they maintain their bullish outlook on Bitcoin, predicting that BTC will hit a high of $110,000 in this cycle, representing a nearly 50% increase from its current price.

“Is this the major crash or just a normal correction in a strong bull trend? Our target remains unchanged. BTC expected to reach around $110,000 before reaching the top. The current consolidation is simply a retest of the previous all-time high area. Crossing $64,000 and later $70,000 is crucial. However, current sentiment appears to be influenced by ‘half-way jitters’.”

According to Negentropic, Bitcoin’s correlation with stock indices like the S&P 500 and Nasdaq is decreasing due to crypto-specific factors.

“While the S&P 500 (+4.5%) and Nasdaq (+7.5%) reached new highs in June, Bitcoin lagged behind. The main reason: internal factors are limiting Bitcoin, such as Marathon Digital’s large sell-off of 1,400 BTC.”