Ki Young Jufounder and CEO of the onchain analytics platform CryptoQuant claims that the price Bitcoin (BTC) could continue its upward trend. Additionally, he predicts that Bitcoin’s market cap could triple in this cycle, pushing the price above $260,000.
“The fundamentals of the Bitcoin network could support a market cap three times its current size compared to the last cyclical peak,” Young Ju explained in a social media post on May 8 X (Twitter).
The graph in the post shows that hashrate ratio to market capitalization of Bitcoin increased significantly in 2024. That could predict increase in market activity and investor interest.
The analysis is also confirmed by the trader
Crypto Ceaser, cryptocurrency analyst and trader, agreed, stating that Ki Young Ju’s views are in line with his analysis. In it, he suggests that Bitcoin has formed a large pattern on the weekly chart Cup & Handle.
Cup & handle is a bullish pattern that usually forms during a period of price consolidation. If confirmed, the chart predicts Bitcoin growth towards the target level $273,693.
Crypto Ceaser also explained that the price of Bitcoin is currently at a kind of critical point where it is consolidating below its all-time highs.
“If Bitcoin starts to move above ATH, I expect strong growth,” he said.
Opinions of other analysts
Cryptocurrency analyst Willy Woo again emphasized that it is crucial for Bitcoin to stay above the purchase price of short-term holders – $59,500to maintain the bullish trend.
Cryptocurrency influencer Lark Davis and analysis team Glassnode they stated that when breaking through the levels around 66 thousand USD could the price of Bitcoin potentially rise up to 85.2 thousand USD and that was before the summer.
Source: cointelegraph.com
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