Bitcoin Could Reach $150,000 as Analysts See Parallels to 2017 Cycle

Bitcoin is once again the focus of intense market speculation, as James Check, lead analyst at Glassnode, forecasts a potential price peak of $120,000 to $150,000 in the current market cycle. Speaking on Theya Podcast on January 23, Check referred to this range as a “topping cloud,” signaling a high point unlikely to sustain for long.

At the time of writing, Bitcoin is trading at $104,120, according to CoinMarketCap, with the cryptocurrency steadily climbing since its recent all-time high of $109,000 on January 20. Check explained that while Bitcoin could surpass $150,000, maintaining that level would be improbable due to speculative fever driving prices momentarily higher. “Above that is speculative fever, and I probably would think if we go above it, we will go back down through it,” Check stated.

Short-term Bitcoin holders have paid an average of $90,349 per coin, while long-term holders acquired their holdings at an average of $24,627, according to Bitbo data . If Bitcoin were to reach $150,000, short-term holders would see a 66% profit, while long-term holders would reap a staggering 509% gain.

Parallels to the 2017 Cycle Emerge

Check drew comparisons between the current Bitcoin cycle and the 2016-2017 market , a period characterized by spot-driven trading and the absence of derivatives and stablecoins. In 2017, Bitcoin consolidated between $800 and $1,600 in the first half of the year before surging to a peak of $19,783 by December.

“We’re getting these nice moderate rallies, nice corrections, moderate rallies, cool down,” Check said, suggesting a similar pattern of price behavior might play out. He predicts Bitcoin could remain in a consolidation phase until May, echoing its gradual upward trajectory in 2017.

Crypto analysts on X are also weighing in on Bitcoin’s potential . Trader Bitquant dismissed claims that Bitcoin has “topped out” at its current level, emphasizing the possibility of further gains. Another analyst, Mags, predicted that Bitcoin might reach its next all-time high within 230 to 330 days, likely between July and October.

The Road Ahead for Bitcoin

While some traders believe the first quarter of 2025 may trigger a strong bull rally, the consensus points to a true market peak in the fourth quarter of 2025. However, the euphoria is expected to be short-lived, with a bear market anticipated in 2026.

As Bitcoin continues its upward momentum, the market watches closely for signs of consolidation or further explosive growth, leaving both seasoned and new investors eager to capitalize on the next big move.