CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?
09 Maio 2024 - 3:00PM
NEWSBTC
Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, has
given an ultra-bullish prediction for Bitcoin. The crypto founder
alluded to certain factors that could spark the flagship crypto’s
rise to such heights. Bitcoin Could Rise To As High As
$265,000 Young Ju mentioned in an X (formerly Twitter) post that
“Bitcoin’s network fundamentals could support a market cap three
times its current size compared to the last cyclical top.” He added
that this development could help BTC rise to $265,000. The
fundamental that the crypto founder was alluding to was the
Hashrate/Market Cap ratio. Related Reading: Crypto Analyst Predicts
350% Surge For Shiba Inu – Here’s The Target Source:
CryptoQuant The accompanying chart that Young Ju shared showed that
Bitcoin’s hash rate is currently more than three times what it was
at the last market cycle top. Meanwhile, BTC is still at the price
level it was during that period. As such, the CryptoQuant CEO
believes that Bitcoin could also see a 3x increase in its price,
just like the Hash rate. Young Ju’s prediction provides a
much-needed bullish outlook for Bitcoin, especially given the
flagship crypto’s recent decline and talk that Bitcoin may have
already attained the market top for this cycle. Tom Lee, co-founder
of research firm Fundstrat, also recently shared his bullish
sentiment towards BTC, stating that the crypto token will still
reach $150,000 this year. Meanwhile, similarly to Young Ju’s
prediction, crypto analyst MacronautBTC had previously stated that
Bitcoin could rise to $237,000. The crypto analyst made this
“conservative” calculation based on BTC’s demand outpacing its
supply in the long run, especially with the halving further
reducing Miners’ supply. A Rise To $265,000 Not Ambitious
Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious
when considering that Samson Mow, the CEO of JAN3, predicted that
Bitcoin could rise to as high as $1 million this year. He explained
that this unprecedented rise was possible due to the impressive
demand that Bitcoin was currently enjoying. Related Reading:
Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send
ETH Crashing Pseudonymous crypto analyst PlanB also echoed a
similar sentiment, stating that BTC hitting $1 million is possible,
although he suggested that could happen in 2025 rather than this
year. He made this prediction based on the Bitcoin stock-to-flow
(STF) indicator, which hints at $500,000 being the average price
level for Bitcoin in this market cycle. As such, the analyst
believes that $1 million could be the market top for this bull run.
Meanwhile, PlanB mentioned that Bitcoin hitting $100,000 this year
was “inevitable.” At the time of writing, Bitcoin is trading at
around $61,700, down over 1% in the last 24 hours, according to
data from CoinMarketCap. BTC makes its way to $61,000 |
Source: BTCUSD on Tradingview.com Featured image from CryptoRank,
chart from Tradingview.com
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