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