Bitcoin
CryptoQuant CEO predicts where Bitcoin price is headed. Is $265,000 too ambitious?
Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant, made an ultra-bullish prediction for Bitcoin. The crypto founder alluded to certain factors that could trigger the rise of major crypto to such heights.
Bitcoin could reach $265,000
Young Ju mentioned in an X (formerly Twitter) publish what “Bitcoin Network Fundamentals could support a market capitalization 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 that the crypto founder was referring to was the Hashrate/Market Capitalization ratio.
Source: CryptoQuant
The attached graph that Young Ju shared showed that Bitcoin hash rate it is currently more than three times what it was at the top of the last market cycle. Meanwhile, BTC is still at the price level of that period. As such, the CEO of CryptoQuant believes that Bitcoin could also see a 3x increase in its price, just like the Hash rate.
Young Ju’s prediction provides a much-needed bullish outlook for Bitcoin, especially given the leading cryptocurrency’s recent decline and to speak that Bitcoin may have already reached the top of the market this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards BTC, stating that the crypto token will still reach $150,000 this year.
Meanwhile, similarly to Young Ju’s prediction, crypto analyst MacronautBTC had previously stated that Bitcoin could rise to $237,000. The crypto analyst made this “conservative” calculation based on BTC demand outpacing its supply in the long term, especially with the reduce by half further reducing miners’ supply.
An increase to $265,000 is not ambitious
Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious when you consider that Samson Mow, the CEO of JAN3, foreseen that Bitcoin could rise to as much as $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 BTC reaching $1 million is possible, although he suggested it could happen in 2025 rather than this year. He made this prediction based on Bitcoin’s stock-to-flow (STF) indicator, which suggests that $500,000 is the average price level for Bitcoin this market cycle.
As such, the analyst believes that $1 million could be the market top for this bull run. Meanwhile, PlanB mentioned that Bitcoin reaching $100,000 this year was “inevitable.”
At the time of writing, Bitcoin is trading around $61,700, down more than 1% in the last 24 hours, according to data from CoinMarketCap.
BTC makes its way to $61,000 | Source: BTCUSD on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com