Bitcoin’s price has the potential to triple its market value and reach over $260,000, according to CryptoQuant founder and CEO Ki Young Ju. In a recent post on X, Young Ju highlighted the current strength of Bitcoin network fundamentals, suggesting that it could support a market value three times higher than the previous peak. Young Ju referred to a chart that compared Bitcoin’s price to its hash rate and market value, indicating the ongoing volatility of cryptocurrency and the resilience of the Bitcoin network. The chart showed a significant increase in the hash rate/market value ratio by 2024, suggesting a rise in market activities and investor interest. If this ratio continues to rise, Young Ju believes that Bitcoin’s price could potentially reach $265,000. Analyst and trader Crypto Ceaser supported Young Ju’s views, stating that Bitcoin is forming a large cup and handle pattern on the weekly chart, which typically signals a bullish continuation during price consolidation periods. The formation of this pattern predicts a rise in Bitcoin’s price towards a technical target of $273,693. Glassnode analysts also noted that the average short-term acquisition price acts as a strong support during uptrends and a barrier during downtrends. It’s important to note that the information in this article should not be considered investment advice, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.
