According to Ki Young Ju, the founder and CEO of CryptoQuant, Bitcoin’s price could continue to rise and potentially reach over $260,000. Young Ju recently shared on X that the current state of the Bitcoin network suggests that its market value could triple its previous peak.
Young Ju referred to a chart that compared Bitcoin’s price and its hash rate to its market value. This chart highlights the volatility of cryptocurrency and the resilience of the Bitcoin network. The chart also shows a significant increase in the hash rate/market value ratio by 2024, indicating potential growth in market activities and investor interest.
If the hash rate/market value ratio continues to rise, Young Ju believes that Bitcoin’s price could be sustained at $265,000.
Crypto Ceaser, an analyst and trader, agrees with Young Ju’s views. He believes that Bitcoin is forming a cup and handle pattern on the weekly chart, which is a bullish continuation pattern. This pattern suggests that Bitcoin’s price could rise to a technical target of $273,693.
Glassnode analysts also reported that the average short-term acquisition price has served as a strong barrier during downtrends and solid support during uptrends.
It is important to note that the information in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
