Bitcoin Will Likely Reach $250k This Cycle, Says Lead Glassnode Analyst

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Bitcoin Will Likely Reach $250k This Cycle, Says Lead Glassnode Analyst
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Bitcoin will blow past $250,000 this cycle thanks to years of HODLer conviction slingshotting its price to the moon, according to lead Glassnode analyst James Check.with What Bitcoin Did on Thursday, the analyst broke down why the Bitcoin market appears far more robust compared to the last time the asset’s price touched $69,000.According to Check, the Bitcoin network entered a “bull market distribution phase” after U.S. Bitcoin ETFs from BlackRock and Fidelity went live in January.

“For Bitcoin, it’s gonna really be about the passive flows now,” he said. “I want to have exposure, it’s X% of my portfolio, I don’t really care about what the number is… all I really care about is ‘give me that 1% allocation.”, have already shown interest in buying into Bitcoin ETFs with a part of their portfolio. Since launch, the ETFs have collectively absorbed over $9.3 billion in net flows.

“I do think that the last cycle was truncated because of GBTC – I think we went up too far too fast,” he explained. “The structure I’m seeing in this uptrend is very, very robust.”

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