Bitcoin could top $150K before retrace in repeat of 2017 cycle, says analyst

Bitcoin could reach $150,000 this cycle, and if it goes above that price level, will probably come “back down through it,” says Glassnode analyst James Check.

Bitcoin’s price action is mimicking the 2016 to 2017 cycle and could hit a top of $150,000, says Glassnode lead analyst James Check.
Check said in a Jan. 23 episode of the Theya podcast that $120,000 to $150,000 is what he would call the “topping cloud” for Bitcoin  BTC $105,848, and any level above that likely won’t hold for long.Bitcoin likely won’t hold at $150,000 “We can absolutely bust out the top end of that, with a very, very low probability of staying at the top end,” 

Bitcoin is currently trading at $103,019, and Check added that the “average guy” is “quite profitable” if it reaches $120,000 — significantly more so if it reaches $150,000.
“Above that is speculative fever, and I probably would think if we go above it, we will go back down through it,” he said.

Bitbo data shows Bitcoin’s short-term holders have paid an average of $90,349 per BTC, while long-term holders have paid an average of $24,627.
The cryptocurrency hitting $150,000 would give short-term holders an average of 66% profit and long-term holders an average of 509% profit.