Bitcoin (BTC) Could Double Up Before Finding Its Cycle Top, Glassnode Co-Founders Say

In a new thread, Glassnode co-founders Jan Happel and Yann Allemann – who go by the handle Negentropic – tell their 63,300 followers

Crypto market intelligence firm Glassnode’s co-founders are predicting that Bitcoin (BTC) could double up before hitting its cycle top.

In a new thread, Glassnode co-founders Jan Happel and Yann Allemann – who goes by the handle Negentropic – tell their 63,300 followers on the social media platform X that market sentiment appears to be influenced by “half-way jitters” due to the recent crash.

However, they say that the correction hasn't changed their outlook on the crypto king, predicting that BTC will reach a top of $110,000 during this cycle, almost a 50% increase from its current price.

“Is this the big thing – the big crash? Or is this just part of a normal correction in a strong bull trend? Our target has not changed. BTC to reach ~$110,000 area before [the] top is in.

The consolidation we see now is merely a retest of the former [all-time high]-area. Of course, we need to see it happening. Crossing of $64,000 – and later $70,000 is needed. But for now, sentiment seems to be influenced by ‘half-way jitters.'”

According to Negentropic, Bitcoin is becoming less correlated with stock indices like the S&P 500 and the Nasdaq largely because of crypto-specific factors.

“While the S&P 500 (+4.5%) and Nasdaq (+7.5%) soared to new highs in June, Bitcoin lagged behind. The key reason: endemic factors are keeping Bitcoin in check, such as Marathon Digital's massive sell-off of 1,400 BTC.”

Bitcoin is trading for $56,518 at time of writing, down 2.7% in the past 24 hours.