Why Bitcoin Won’t Reach $200K in 2024—And What It Means for Your Portfolio

Bitcoin's bull run has skeptics circling—again. Analysts now doubt the flagship crypto will hit the mythical $200K mark this year, despite hopium-fueled predictions.

The reality check no one wanted

Market cycles don't care about your moon math. With institutional adoption stalling and macro headwinds biting, even crypto's true believers are adjusting their price targets downward.

When 'number go up' meets Wall Street realism

Traders chasing 10x gains might want to check their spreadsheets—and their egos. The same analysts who called last cycle's top now warn that 2024's liquidity crunch could keep Bitcoin rangebound. (But hey, at least your ape NFT is 'priceless.')

One thing's certain: The market always humbles gamblers pretending to be investors. Whether that lesson sticks this time? That's the real $200K question.

Key Takeaways

• Glassnode's James Check says a $200,000 Bitcoin in 2024 is 'very improbable' due to weak buying volume.
• Other analysts maintain 2025 targets for $200,000, citing institutional demand and supply factors.
• Key milestones above $120,000 must be reached and held to support higher price levels.

James Check believes that Bitcoin is unlikely to reach the $200,000 mark in 2024, citing insufficient buying volume to sustain a significant price rally.

Analyst doubts $200K target for 2024

During a recent interview, Check questioned the basis for bullish $200,000 calls, noting subdued market activity:

“How on earth can we be going up when there is no volume?”

He described the prospect of bitcoin nearly doubling in value within six months as “a big move,” highlighting that such a rise would almost double the current market capitalization.

Check emphasized that strong, stable support is necessary to prevent sharp price reversals, adding that the market needs to “follow through” to sustain any rapid gains.

“Could it happen? Absolutely. Is it likely to happen? Very improbable.”

Multiple stages ahead for price milestones

Check pointed out that while Bitcoin has already surpassed $120,000 this year, further milestones—including $130,000, $140,000, and $150,000—must be reached and maintained to build a solid base.

He warned that a swift rise without volume or support could lead to equally fast declines.

Despite his caution, Check remains bullish on the long-term outlook, stating that in five years Bitcoin will be “well and truly” above $200,000.

Other analysts bullish for 2025

Contrary to Check’s short-term skepticism, analysts such as Bitwise CIO Matt Hougan and Bernstein Research project that Bitcoin could reach $200,000 by the end of 2025, citing factors like institutional demand and supply constraints.

Additionally, some analysts point to the Bitcoin Power Law as supporting evidence for a longer-term price surge.

Institutional demand and ETF growth

Bernstein Research’s bullish forecast is driven by expectations of increased spot Bitcoin ETF adoption and the participation of BTC treasury companies in the market.

However, some warn that historical price cycles could limit the duration of the current bull run.