"Bitcoin Unlikely to Reach $200,000 This Year"

An analysis suggests that Bitcoin (BTC) is unlikely to reach $200,000 within this year.

On the 23rd (local time), James Check, an analyst at Glassnode, said in an interview with Cointelegraph, "The likelihood of Bitcoin reaching $200,000 this year is low," adding, "This is because there isn't enough buying pressure and trading volume remains at low levels." He explained that it is extremely improbable for Bitcoin’s market capitalization to nearly double in the remaining five months.

He also pointed out that there are still many hurdles left to clear. He said, "There are still many thresholds ahead, such as $130,000 and $140,000," emphasizing, "It is also important to observe whether the price can find support during that process. If the price surges too quickly without support, there may be a significant drop afterward."

Furthermore, he stated that he will not take long leverage positions until trading volume increases. The analyst said, "I absolutely will not take leveraged positions until there is a clear increase in trading volume," and added, "I will not take risks until market stability is confirmed."

However, he emphasized that ultimately, Bitcoin will surpass $200,000. The analyst said, "I am confident that Bitcoin will definitely break through $200,000 within the next five years," adding, "I am investing most of my assets in Bitcoin."