$BTC Bitcoin hitting $200K this year ‘very improbable,’ says analyst
Bitcoin is unlikely to reach $200,000 this year as buying volume isn’t increasing enough to keep pushing the price higher, according to a crypto analyst.
It comes after several industry executives have recently speculated that Bitcoin
BTC
$118,315
will soon hit $200,000.
“How on earth can we be going up when there is no volume?” Glassnode lead analyst James Check said in an interview on Tuesday.
$200,000 by year-end is “a big move”
“$200,000 in six months is a big move — that’s a big move,” Check said. He added that it would almost double Bitcoin’s current market capitalization of $2.38 trillion, given its price of $119,541 at the time of publication, according to Nansen.
“Could it happen? Absolutely. Is it likely to happen? Very improbable.”
“Until I see that volume kick in, until I feel a bit more confident, I am certainly not going to put on any levered positions,” Check said. “I’m probably not going to go out on the risk curve until I see that the market is stabilized.”
