CoinW reported:
Jan Happel and Yann Allemann, co-founders of cryptocurrency market intelligence company Glassnode, have stated that Bitcoin (BTC) may double before finding its cycle top.
In a new post, Happel and Allemann informed their 63,300 followers on the social media platform X that market sentiment seems to have been affected by the “midway jitters” caused by the recent crash.
However, they stated that this adjustment has not changed their view on the king of cryptocurrencies, predicting that Bitcoin will reach a peak of $110,000 within this cycle, an increase of nearly 50% from the current price.
“Is this a big deal? Is this a big crash? Or is this just a normal pullback in a strong bull market? Our target remains the same. BTC will reach the zone of around $110,000 before a top occurs.”
“What we are seeing now is simply a retest of the previous [all-time high] area. Of course, we need to see it happen. Crossing $64,000 would require $70,000 afterward. But for now, sentiment seems to be affected by the ‘midway jitters.'”
Source: Negentropic/X
Negentropic stated that Bitcoin’s correlation with stock indices such as the S&P 500 and Nasdaq has been decreasing, primarily due to specific factors in the cryptocurrency market.
“While the S&P 500 (+4.5%) and Nasdaq (+7.5%) soared to new highs in June, Bitcoin lagged behind. The key reason is that local factors are controlling Bitcoin, such as the massive sell-off of 1,400 Bitcoins by Marathon Digital Holdings.”
Source: Negentropic/X
At the time of writing, Bitcoin’s trading price is $56,518, a 2.7% decrease in the past 24 hours.
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Generated image: midway
