Ki Younger Ju, CEO of cryptocurrency evaluation agency CryptoQuant, has given an ultra-bullish prediction for Bitcoin. The crypto founder alluded to sure components that would spark the flagship crypto’s rise to such heights.
Bitcoin May Rise To As Excessive As $265,000
Younger Ju talked about in an X (previously Twitter) submit that “Bitcoin’s community fundamentals may help a market cap thrice its present measurement in comparison with the final cyclical prime.” He added that this growth may assist BTC rise to $265,000. The basic that the crypto founder was alluding to was the Hashrate/Market Cap ratio.
Supply: CryptoQuant
The accompanying chart that Younger Ju shared confirmed that Bitcoin’s hash price is at the moment greater than thrice what it was on the final market cycle prime. In the meantime, BTC continues to be on the worth degree it was throughout that interval. As such, the CryptoQuant CEO believes that Bitcoin may additionally see a 3x improve in its worth, identical to the Hash price.
Younger Ju’s prediction offers a much-needed bullish outlook for Bitcoin, particularly given the flagship crypto’s latest decline and discuss that Bitcoin could have already attained the market prime for this cycle. Tom Lee, co-founder of analysis agency Fundstrat, additionally not too long ago shared his bullish sentiment in direction of BTC, stating that the crypto token will nonetheless attain $150,000 this yr.
In the meantime, equally to Younger Ju’s prediction, crypto analyst MacronautBTC had beforehand said that Bitcoin may rise to $237,000. The crypto analyst made this “conservative” calculation primarily based 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 Formidable
Younger Ju’s prediction of $265,000 for Bitcoin is way from bold when contemplating that Samson Mow, the CEO of JAN3, predicted that Bitcoin may rise to as excessive as $1 million this yr. He defined that this unprecedented rise was doable as a result of spectacular demand that Bitcoin was at the moment having fun with.
Pseudonymous crypto analyst PlanB additionally echoed an identical sentiment, stating that BTC hitting $1 million is feasible, though he recommended that would occur in 2025 slightly than this yr. He made this prediction primarily based on the Bitcoin stock-to-flow (STF) indicator, which hints at $500,000 being the typical worth degree for Bitcoin on this market cycle.
As such, the analyst believes that $1 million could possibly be the market prime for this bull run. In the meantime, PlanB talked about that Bitcoin hitting $100,000 this yr was “inevitable.”
On the time of writing, Bitcoin is buying and selling at round $61,700, down over 1% within the final 24 hours, in line with information from CoinMarketCap.
BTC makes its approach to $61,000 | Supply: BTCUSD on Tradingview.com
Featured picture from CryptoRank, chart from Tradingview.com
