Bitcoin’s price could potentially surge above $260,000 and triple its market capitalization, according to Ki Young Ju, the founder and CEO of CryptoQuant. Ju explained that the Bitcoin network’s fundamentals could support a market cap three times its current size, as shown by a chart comparing BTC’s price and hash rate to market capitalization ratio. This indicates increased market activity and investor interest. If the hash rate to market cap ratio continues to grow, Ju believes that Bitcoin’s price could reach $265,000. Analyst Crypto Ceaser supported this view, highlighting a cup-and-handle pattern on the weekly chart that projected a BTC rally towards a technical target of $273,693. However, it is crucial for Bitcoin to maintain its bullish trend by holding above its short-term holder price of $59,500. Glassnode analysts noted that the average short-term holder acquisition price has historically acted as a barrier during bearish trends and provided strong support during bullish trends. Traders believe that Bitcoin needs to close decisively above the 50-day simple moving average to remain bullish. Overall, Bitcoin’s volatility has cooled off slightly, but it is expected to increase as time goes on and the price moves out of its current range. This article does not provide investment advice, and readers should conduct their own research before making any decisions.
Analysts foresee Bitcoin maintaining $265K level following conclusion of mundane consolidation