A crypto analyst has questioned the likelihood of Bitcoin reaching $200,000 this year, citing insufficient buying volume to drive sustained price increases.

The concern comes despite recent speculation from some industry executives that a $200,000 price point for Bitcoin could be reached soon.

“How on earth can we be going up when there is no volume?” Glassnode lead analyst James Check said.

$200,000 by Year-End is “a Big Move”

Check also commented on the $200,000 target for the end of the year, stating:

“$200,000 in six months is a big move — that’s a big move.”

According to Check, hitting $200,000 would require nearly doubling Bitcoin’s current market cap of approximately $2.38 trillion.

Furthermore, Check stressed the importance of follow-through once the price reaches a certain level:

“Until I see that volume kick in, until I feel a bit more confident, I am certainly not going to put on any levered positions… I’m probably not going to go out on the risk curve until I see that the market is stabilized.”

While acknowledging the first major hurdle (surpassing $120,000, which Bitcoin recently achieved) remains unmet, Check believes there are further stages to reach $200,000 and maintain the level. He also cautioned against rapid price surges without adequate support.

Contradictory Predictions

Notwithstanding Check’s skepticism, several analysts predict Bitcoin could hit $200,000 by the end of 2025.

Bitwise Investments’ Chief Investment Officer, Matt Hougan, anticipates this target due to “a supply shock from heightened institutional demand.”

Analyst apsk32 points to long-term trend patterns, suggesting “Expecting $200,000+ Bitcoin in Q4 [2025]” based on historical scaling patterns.

Bernstein Research also endorses the $200,000 target for late 2025, citing increased institutional demand through spot Bitcoin ETFs and BTC treasury companies.

However, other analysts offer differing viewpoints. Rekt Capital, for example, suggests Bitcoin may face limited price expansion time if historical patterns repeat.

Despite his near-term skepticism, Check remains bullish, stating:

“I most likely hold my long position. I’m still very comfortable where I sit. And I think it [Bitcoin] is very likely to be above $200,000 in five years.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.