Bitcoin’s price could potentially triple its market value and surpass $260,000, according to CryptoQuant founder and CEO Ki Young Ju. Young Ju recently stated that Bitcoin’s network fundamentals support a market value three times higher than its previous peak, indicating that the cryptocurrency’s upward trend may continue. He referred to a chart that compared Bitcoin’s price and hash rate to its market value, highlighting the resilience of the Bitcoin network and the increasing investor interest. Young Ju’s analysis aligns with that of analyst Crypto Ceaser, who noted that Bitcoin is forming a cup and handle pattern on the weekly chart. This pattern suggests a bullish continuation, with a potential price target of $273,693. Glassnode analysts also reported that the average short-term acquisition price acts as a strong 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.
