CryptoQuant founder and CEO, Ki Young Ju, has made a bold prediction about the future of Bitcoin’s price. He believes that the cryptocurrency could triple its market value and reach over $260,000. Young Ju took to social media to share his thoughts, explaining that the current size of the Bitcoin network fundamentals could support such a significant increase in value.
To support his claim, Young Ju pointed to a chart that compared Bitcoin’s price and its corresponding hash rate to its market value. The chart showed a notable increase in Bitcoin’s hash rate/market value ratio, indicating a potential rise in market activities and investor interest. Young Ju stated that if this ratio continues to rise, Bitcoin’s price could be sustained at $265,000.
This statement from Young Ju was met with agreement from analyst and trader, Crypto Ceaser. He mentioned that Young Ju’s views align with his own analyses, which show Bitcoin forming a cup and handle pattern on the weekly chart. This pattern, a bullish continuation pattern, suggests that Bitcoin’s price could rise to a technical target of $273,693.
In addition, Glassnode analysts reported that the average short-term acquisition price has historically acted as a strong barrier during downtrends and provided solid support during uptrends. This suggests that Bitcoin’s price could be well-supported in the future.
It is important to note that the information presented 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 before making any investment decisions.
