Ki Young Ju, CEO of cryptocurrency evaluation agency CryptoQuant, has given an ultra-bullish prediction for Bitcoin. The crypto founder alluded to sure components that might spark the flagship crypto’s rise to such heights.
Bitcoin Could Rise To As High As $265,000
Young Ju talked about in an X (previously Twitter) post that “Bitcoin’s network fundamentals could support a market cap three times its current size compared to the last cyclical top.” He added that this growth might assist BTC rise to $265,000. The basic that the crypto founder was alluding to was the Hashrate/Market Cap ratio.
Source: CryptoQuant
The accompanying chart that Young Ju shared confirmed that Bitcoin’s hash rate is at present greater than 3 times what it was on the final market cycle high. Meanwhile, BTC continues to be on the worth stage it was throughout that interval. As such, the CryptoQuant CEO believes that Bitcoin might additionally see a 3x enhance in its worth, identical to the Hash fee.
Young Ju’s prediction gives a much-needed bullish outlook for Bitcoin, particularly given the flagship crypto’s current decline and talk that Bitcoin might have already attained the market high for this cycle. Tom Lee, co-founder of analysis agency Fundstrat, additionally not too long ago shared his bullish sentiment in the direction of BTC, stating that the crypto token will nonetheless attain $150,000 this 12 months.
Meanwhile, equally to Young Ju’s prediction, crypto analyst MacronautBTC had previously stated that Bitcoin might rise to $237,000. The crypto analyst made this “conservative” calculation based mostly on BTC’s demand outpacing its provide in the long term, particularly with the halving additional decreasing Miners’ provide.
A Rise To $265,000 Not Ambitious
Young Ju’s prediction of $265,000 for Bitcoin is way from formidable when contemplating that Samson Mow, the CEO of JAN3, predicted that Bitcoin might rise to as excessive as $1 million this 12 months. He defined that this unprecedented rise was potential because of the spectacular demand that Bitcoin was at present having fun with.
Pseudonymous crypto analyst PlanB additionally echoed the same sentiment, stating that BTC hitting $1 million is feasible, though he advised that might occur in 2025 somewhat than this 12 months. He made this prediction based mostly on the Bitcoin stock-to-flow (STF) indicator, which hints at $500,000 being the typical worth stage for Bitcoin on this market cycle.
As such, the analyst believes that $1 million may very well be the market high for this bull run. Meanwhile, PlanB talked about that Bitcoin hitting $100,000 this 12 months was “inevitable.”
At the time of writing, Bitcoin is buying and selling at round $61,700, down over 1% within the final 24 hours, in keeping with data from CoinMarketCap.
BTC makes its strategy to $61,000 | Source: BTCUSD on Tradingview.com
Featured picture from CryptoRank, chart from Tradingview.com
