Bitcoin Could Triple in Value to Over $260,000, Says CryptoQuant CEO
According to Ki Young Ju, the founder and CEO of CryptoQuant, Bitcoin’s price has the potential to triple its market value and reach over $260,000. In a recent post on X, Young Ju highlighted the current size of Bitcoin’s network fundamentals, which he believes could support a market value three times higher than its last peak.
Young Ju referred to a chart that compared Bitcoin’s price to its hash rate and market value. The chart demonstrated the volatility of cryptocurrency and the resilience of the Bitcoin network. It also showed a significant increase in the hash rate/market value ratio, suggesting a potential rise in market activities and investor interest by 2024.
The hash rate/market value ratio measures the growth of mining activity relative to market value. If this ratio continues to rise, Young Ju stated that Bitcoin’s price could potentially reach $265,000.
Crypto Ceaser, an analyst and trader, supported Young Ju’s views, noting that his own analyses showed Bitcoin forming a large cup and handle pattern on the weekly chart. This pattern typically indicates a bullish continuation during a price consolidation period. The chart predicts a rise towards a technical target of $273,693 for Bitcoin.
Glassnode analysts also reported that the average short-term acquisition price acts as a strong barrier during downtrends and provides solid support during uptrends.
It’s important to note that the information in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
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