bitcoin-miners-find-solace-in-network-activity/#:~:text=Ki%20Young%20Ju%2C%20CEO%20of,have%20seen%20a%20dramatic%20rise.” rel=”nofollow”>Ki-young-ju, CEO of cryptocurrency analytics firm CryptoQuant, has given an ultra-bullish prediction for bitcoin. The founder of the cryptocurrency alluded to certain factors that could cause the bitcoin-decline-is-a-bear-trap/” rel=”nofollow”>The rise of flagship cryptocurrencies at such heights.
bitcoin could rise to $265,000
Young Ju mentioned in an x (formerly twitter) x.com/ki_young_ju/status/1788159954609992110″ rel=”nofollow”>mail that “bitcoin-is-gearing-towards-a-monumental-recovery/” rel=”nofollow”>The basics of the bitcoin network “It could support a market capitalization three times its current size compared to the last cyclical high.” He added that this development could help btc rise to $265,000. The foundation that the founder of cryptography was referring to was the Hashrate/Market Cap relationship.
<img decoding="async" class="alignnone size-medium wp-image-607184 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/05/CryptoQuant-CEO-Predicts-Where-Bitcoin-Price-is-Heading-Is-265000.png" alt="bitcoin” width=”460″ height=”316″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/bITCOIN_c7e643.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/05/CryptoQuant-CEO-Predicts-Where-Bitcoin-Price-is-Heading-Is-265000.png 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: CryptoQuant
The attached chart that Young Ju shared showed that The bitcoin hash rate It is currently more than three times higher than at the last peak of the market cycle. Meanwhile, btc is still at the price level it was during that period. As such, the CEO of CryptoQuant believes that bitcoin could also see a 3x increase in its price, as could the Hash rate.
Young Ju's prediction provides a much-needed bullish outlook for bitcoin, especially given the flagship cryptocurrency's recent decline and talk that bitcoin has already reached the top of the market for this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards btc. bitcoin-still-headed-for-150000/” rel=”nofollow”>indicating that the crypto token will still reach $150,000 this year.
Meanwhile, similar to Young Ju's prediction, crypto analyst MacronautBTC had previously indicated that bitcoin could rise to $237,000. The crypto analyst made this “conservative” calculation based on the fact that the demand for btc exceeds its supply in the long term, especially with the bitcoin-bull-market-glassnode/” rel=”nofollow”>reduce by half further reducing the supply of miners.
An increase to $265,000 is not ambitious
Young Ju's prediction of $265,000 for bitcoin is far from ambitious considering that Samson Mow, the CEO of JAN3, foretold that bitcoin could rise up to $1 million this year. He explained that this unprecedented surge was possible due to the impressive demand that bitcoin was currently enjoying.
bitcoin-breaks-70000-barrier-investors-speculate-on-100000-target-for-2024/” rel=”nofollow”>PlanB, pseudonymous crypto analyst also echoed a similar sentiment, stating that it is possible for btc to reach $1 million, although he suggested that could happen in 2025 rather than this year. He made this prediction based on bitcoin's stock-to-flow (STF) indicator, which suggests that $500,000 is the average price level for bitcoin in this market cycle.
As such, the analyst believes that $1 million could be the market high 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 more than 1% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
x/2RGxMsMM/” alt=”bitcoin Price Chart by Tradingview.com (CryptoQuant CEO)” width=”3286″ height=”1576″ loading=”lazy”/>
btc makes its way to $61,000 | Source: BTCUSD on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com
