Bitcoin’s price could potentially triple its market value to over $260,000, according to CryptoQuant founder and CEO Ki Young Ju. Young Ju highlighted the volatility of the cryptocurrency market and the resilience of the Bitcoin network, referencing a chart comparing Bitcoin’s price to its hash rate and market value. The chart indicates a significant increase in the hash rate/market value ratio by 2024, suggesting potential growth in market activities and investor interest. If this ratio continues to rise, Young Ju believes Bitcoin’s price could sustain at $265,000.
Crypto Ceaser, an analyst and trader, supports Young Ju’s views, noting that his own analyses show Bitcoin forming a large cup and handle pattern on the weekly chart. This pattern typically occurs during a price consolidation period and signifies a bullish continuation. If confirmed, 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. However, it is important for investors to conduct their own research and be aware of the high volatility and risks associated with cryptocurrencies. This article does not constitute investment advice.
