CryptoQuant founder and CEO Ki Young Ju has made a bold prediction that Bitcoin’s price could triple and reach a market value of over $260,000. In a recent post on X, Young Ju pointed out that the current state of Bitcoin’s network fundamentals could support a market value three times higher than its last peak.
To support this claim, Young Ju referred to a chart that compared Bitcoin’s price and hash rate to its market value, highlighting the volatility of cryptocurrency and the resilience of the Bitcoin network. The graph indicated a significant increase in the hash rate/market value ratio by 2024, which could be a sign of increased market activity and investor interest.
In response to Young Ju’s prediction, analyst and trader Crypto Ceaser noted that it aligns with his own analysis, which suggests that Bitcoin is forming a cup and handle pattern on the weekly chart. This pattern typically indicates a bullish continuation during a consolidation period, with a wide, shallow movement forming the cup and a smaller dip forming the handle. If confirmed, this formation could lead to a price rise towards a technical target of $273,693.
Glassnode analysts also chimed in, stating that the average short-term acquisition price acts as a strong barrier during downtrends and provides solid support during uptrends. This further supports the idea that Bitcoin’s price could continue to rise.
It’s important to note that the information provided in this article should not be taken as investment advice. Cryptocurrencies are highly volatile and carry risks, so investors should conduct their own research before making any decisions.
