Bitcoin’s price could potentially exceed $260,000 and triple its market value, according to CryptoQuant founder and CEO Ki Young Ju. Young Ju highlighted the resilience of the Bitcoin network and the volatility of the cryptocurrency market, using a chart that compared Bitcoin’s price, hash rate, and market value. The chart indicated a significant increase in the hash rate/market value ratio by 2024, suggesting increased market activity and investor interest. Young Ju stated that if this ratio continues to rise, Bitcoin’s price could sustain at $265,000. Analyst Crypto Ceaser supported Young Ju’s views, noting that Bitcoin is forming a cup and handle pattern on the weekly chart, which typically indicates a bullish continuation pattern. Glassnode analysts also reported that the average short-term acquisition price acts as a strong barrier during downtrends and provides support during uptrends. It is important to note that this article does not constitute investment advice, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.
