Glassnode co-founders Jan Happel and Yan Allemann predicted that Bitcoin (BTC) price could reach the peak of the current cycle within just four to five weeks.
As reported by U.Today, the flagship cryptocurrency reached a new record high of $125,708 on the Bitstamp exchange.
However, it failed to enter a new price discovery phase and gave up most of its gains, falling below the $123,000 level earlier today.
So far, the sudden price jump looks like a typical Sunday fakeout, and it’s unclear whether the latest rally will actually result in anything substantial.
Will the bull market continue?
Various experts, including Tom Lee, believe that the cryptocurrency could surpass $200,000 this year. However, it is highly unlikely that this will happen within the relatively short time frame mentioned by Glassnode analysts.
According to Polymarket bettors, there is only a 1% chance that Bitcoin will soar to $200,000 this month. The probability of BTC ultimately exceeding this level during the remainder of 2025 is currently 7%.
Some bulls believe there is still room for BTC to operate due to the fact that despite the recent rally, the cryptocurrency still underperforms by around 10%. If Bitcoin regains its 2021 peak against the yellow metal, its price will trade above $150,000 (assuming gold prices remain flat).
