$BTC Bitcoin hitting $200K this year ‘very improbable,’ says analyst

Glassnode lead analyst James Check says in five years’ time Bitcoin will be “well and truly” past the $200,000 price level, but doesn't expect it to surpass that this year.

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

$118,922

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.”

Sina G.

Check said that the first stage of Bitcoin reaching $200,000 was it surpassing $120,000, which it did on July 14, but he claimed it still has multiple stages left.

“Then we gotta get to $130, and 40, 50 [thousand], and it’s one thing to get there, it’s another thing to stay there,” he explained.

He warned that if Bitcoin rises too fast without strong, stable support, the price could fall just as quickly. “You need to follow through; otherwise, you’re trading through air, and you’re going to trade like it’s air on the way back down,” he said.

However, Check acknowledged that “no one knows” where Bitcoin’s price is headed. #BTC #BTCvsETH #BinanceHODLerC