The co-founders of crypto analytics platform Glassnode predict a six-figure price tag for Bitcoin (BTC) by 2025.
In a new thread, Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,000 followers on the social media platform X that the crypto king will skyrocket to $100,000 by next year.
However, the Glassnode co-founders also note that BTC’s risk index is rising, meaning it could dip further in price before sparking a rally.
“The Bitcoin Risk Index has surged, but it still remains far from the levels seen when Bitcoin corrected to $56,500 in May and bounced back from $53,500 in July.
Often when a clear peak in the risk signal forms, the reading retracts fast and we see a next leg up in price. If BTC continues to correct, it may form a double-bottom area. Then it will be crucial to observe whether the Risk Signal formed a clear peak or keeps rising.
The more pronounced the spike in risk, the greater the opportunity to not only find a better entry price but also potentially get in ahead of an explosive upward movement.”
In a recent article posted on the data analytics platform Swissblock Insights, Negentropic warns investors to watch out for bull traps after new Consumer Price Index (CPI) data came out.
Happel and Allemann say that despite bullish news, BTC risk levels are high, meaning that the top crypto asset by market cap will likely remain bullish.
“While we have been detecting a decisively bullish newsflow overall, our indicators suggest that risk levels are rising and the bearish momentum remains.
Positive news items will likely serve as bullish fakeouts and we recommend not being too reactive to such news events, but rather use pullbacks as entry points. If you are using leverage, it is not a time to go long in our view.”
Bitcoin is trading for $58,133 at time of writing, a 2.2% decrease during the last 24 hours.