CryptoQuant founder and CEO Ki Young Ju believes that Bitcoin’s price has the potential to triple its market value and reach over $260,000. In a recent post on X, Young Ju highlighted the current size of Bitcoin’s network fundamentals, which suggests that the cryptocurrency could support a market value three times its previous cyclical peak.
Young Ju referred to a chart that compared Bitcoin’s price to its hash rate and market value. This chart showcased the volatility of the cryptocurrency and the resilience of the Bitcoin network. It also indicated a significant increase in the hash rate/market value ratio by 2024, signaling potential growth in market activities and investor interest.
The hash rate/market value ratio measures the growth of mining activity relative to market value. Young Ju stated that if this ratio continues to rise, Bitcoin’s price could potentially reach $265,000.
Analyst and trader Crypto Ceaser supported Young Ju’s views, noting that they align with his own analyses. He observed that Bitcoin is forming a large cup and handle pattern on the weekly chart, which is typically seen as a bullish continuation pattern during a consolidation period. This pattern involves a broad, shallow movement followed by a smaller dip to form the handle. 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. This further supports the potential for Bitcoin’s price to increase.
It is important to note that the information in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
