23-7-2025 – Glassnode lead analyst James Check has cast doubt on Bitcoin’s ability to reach $200,000 by year-end, citing insufficient trading volume to support such a dramatic price surge from current levels around $119,541.

Check warned that achieving the widely-discussed $200,000 target would require nearly doubling Bitcoin’s $2.38 trillion market capitalization without adequate volume backing. While Bitcoin recently crossed $120,000 on July 14, the analyst cautioned that rapid price increases lacking stable support often lead to equally swift reversals. He indicated he would avoid leveraged positions until market conditions stabilize, despite maintaining long-term optimism for Bitcoin exceeding $200,000 within five years.

The skepticism contrasts sharply with bullish forecasts from other market observers. Bitwise CIO Matt Hougan anticipates the $200,000 milestone by late 2025, driven by institutional demand creating supply shortages. Anonymous analyst apsk32 similarly projects fourth-quarter achievement based on trend analysis, while Bernstein Research has maintained its $200,000 forecast since October 2024, supported by growing ETF inflows and corporate treasury adoption. However, technical analyst Rekt Capital suggests Bitcoin’s current cycle may have limited upside remaining, drawing parallels to 2020 patterns.