Bitcoin
CryptoQuant CEO predicts $265,000 raise
The year 2024 saw a significant boost to Bitcoin, as prices reached impressive highs but also witnessed recent declines. Despite challenges such as market volatility and regulatory scrutiny, Bitcoin has continued to show resilience and promising growth. Despite the recent Bitcoin downturn below $62,000, industry experts remain optimistic about its future trajectory. CryptoQuant CEO Ki Young Ju is among these optimistic voices. He predicts Bitcoin will rise to $265,000. In fact, the resilience of the Bitcoin network and the underlying fundamentals are the causes of Ju’s confidence.
Ju Analysis: Network strength supports growth
In a recent post, Ju highlighted Bitcoin’s network fundamentals, suggesting they could support a market capitalization 3x greater than the previous cycle’s peak. As proof, he highlighted the Hashrate/market capitalization ratio which is currently 2 billion. Bitcoin’s market capitalization stands at $1.22 trillion and its price is currently below $62,000. However, Ju’s forecast indicates substantial growth potential.
PlanB Bitcoin Analysis: Echoing Optimism
Renowned crypto analyst PlanB agreed with Ju’s bullish sentiment regarding Bitcoin’s rise. PlanB noted in an analysis that although Bitcoin Price averaging about $34,000 during the 2020-2024 halving period, it meets expectations. In fact, it fell short of the $55,000 predicted by the S2F model in 2019. This value continues to be important in 2024, considering the historical accuracy of the model.
PlanB’s updated S2F model: impressive projections
PlanB’s updated S2F model currently shows an impressive price target of $477,665 for the 2024-2028 halving cycle. Therefore, it indicates a significant increase of 670% from current levels. Furthermore, based on its analysis, PlanB believes that Bitcoin could reach a staggering $4.13 million in the 2028-2032 BTC halving cycle!
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