Glassnode Chief Analyst: The top of this Bitcoin cycle may be $150,000

ChainCatcher news, according to Cointelegraph, Glassnode's chief analyst James Check stated that Bitcoin's price trend is mirroring the cycle from 2016 to 2017, potentially reaching a peak of $150,000. Check mentioned on Theya podcast on January 23 that $120,000-$150,000 is what he calls the "topping cloud" for Bitcoin, and any price exceeding this range may not be sustainable in the long term.

He stated, "Exceeding this price is speculative frenzy, and I personally believe that if it breaks this price, Bitcoin may fall back again." Bitbo data shows that the average purchase price for short-term holders of Bitcoin is $90,349, while the average purchase price for long-term holders is $24,627.