Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant, has made an ultra-bullish prediction for Bitcoin. The crypto founder hinted at certain factors that could be the trigger flagship cryptos rise to such heights.
Bitcoin could rise to $265,000
Young Ju mentioned in an X (formerly Twitter) after That “The Network Foundations of Bitcoin could support a market cap three times its current size compared to the last cyclical top.” He added that this development could help BTC rise to $265,000. The fundamental thing the crypto founder was referring to was the Hashrate/Market Cap ratio.
Source: CryptoQuant
The accompanying diagram that Young Ju shared showed this Bitcoin’s hash rate is currently more than three times higher than at the last market cycle top. Meanwhile, BTC is still at the price level of that period. As such, the CEO of CryptoQuant believes that Bitcoin could also see a three-fold increase in price, as could its hash rate.
Young Ju’s prediction provides a much-needed bullish outlook for Bitcoin, especially given the recent decline of the flagship crypto. conversation that Bitcoin may have already reached the market top for this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards BTC: to report that the crypto token will still reach $150,000 this year.
Meanwhile, similar to Young Ju’s prediction, crypto analyst MacronautBTC had done so Previously mentioned that Bitcoin could rise to $237,000. The crypto analyst made this ‘conservative’ calculation based on the fact that BTC demand will exceed supply in the long term, especially now that the halve further reduce the supply of miners.
An increase to $265,000 Not ambitious
Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious when you consider that JAN3 CEO Samson Mow predicted that Bitcoin could rise to $1 million this year. He explained that this unprecedented rise was possible due to the impressive demand that Bitcoin was currently enjoying.
Pseudonymous crypto analyst PlanB also echoed a similar sentiment, stating that it is possible for BTC to reach $1 million, although he suggested this could happen in 2025 instead of this year. He made this prediction based on the Bitcoin stock-to-flow (STF) indicator, which suggests that $500,000 is the average price level for Bitcoin in this market cycle.
As such, the analyst believes that $1 million could be the market top for this bull run. Meanwhile, PlanB said Bitcoin hitting $100,000 this year was “inevitable.”
At the time of writing, Bitcoin is trading around $61,700, down more than 1% in the past 24 hours. facts from CoinMarketCap.
BTC makes its way to $61,000 | Source: BTCUSD on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com