Bitcoin Price Projection: Could It Reach $150,000 in 2023’s Topping Cloud?

On January 24th, COINOTAG reported insights from James Check, Chief Analyst at Glassnode, regarding Bitcoin’s current price trajectory. Check emphasized that Bitcoin appears to be mirroring its historic cycle from 2016 to 2017, forecasting a possible peak between $120,000 and $150,000. During an appearance on Theya podcast on January 23rd, he labeled this range as Bitcoin’s “topping cloud”, cautioning that exceeding this threshold may not be sustainable in the long run. He further stated, “Surpassing this range could lead to speculative mania, and I believe a subsequent pullback might occur if Bitcoin breaks through.” Additionally, data from Bitbo reveals that the average acquisition cost for short-term Bitcoin holders stands at $90,349, in contrast to the significantly lower average of $24,627 for long-term holders. This divergence highlights the differing strategies within the crypto investment landscape.