Binance News
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Analysts Predict Bitcoin Price to Reach $265K as Network Fundamentals Strengthen
According to Cointelegraph: Industry analysts project a significant rally for Bitcoin's price, forecasting it to cross the $260,000 threshold. According to Ki Young Ju, CEO of on-chain and market analytics firm CryptoQuant, strong network fundamentals could support a market cap three times its present size.
Bitcoin: hash rate vs. market cap ratio. Source: CryptoQuant
In a May 8th post on X, Young Ju pointed out that the ongoing resilience of the Bitcoin network and its associated volatility are reflected in a chart comparing Bitcoin's price and hash rate to its market capitalization. Notably, the hash rate to market cap ratio, a barometer of mining activity growth relative to market cap, has seen considerable growth in 2024.
"If the hash rate to market cap ratio continues on its growth trajectory, it could sustain Bitcoin's price around $265,000," Young Ju stated.
This view finds support in an analysis by Crypto Ceaser, which revealed a large cup-and-handle pattern indicating a bullish trend. Given this trend, a projected rally could boost Bitcoin's value to a chart pattern--governed target of approximately $273,693.
BTC/USD weekly chart. Source: Crypto Caesar
Crypto Ceaser highlighted Bitcoin's current critical area consolidation beneath its all-time high, hinting at a robust upward rally and a potentially shorter cycle if it trends above this threshold.
Crypto influencer Lark Davis and co-founders of Glassnode also echoed these sentiments, attributing Bitcoin's potential bullishness to a decisive close above the 50-day simple moving average.
Bitcoin: hash rate vs. market cap ratio. Source: CryptoQuant
In a May 8th post on X, Young Ju pointed out that the ongoing resilience of the Bitcoin network and its associated volatility are reflected in a chart comparing Bitcoin's price and hash rate to its market capitalization. Notably, the hash rate to market cap ratio, a barometer of mining activity growth relative to market cap, has seen considerable growth in 2024.
"If the hash rate to market cap ratio continues on its growth trajectory, it could sustain Bitcoin's price around $265,000," Young Ju stated.
This view finds support in an analysis by Crypto Ceaser, which revealed a large cup-and-handle pattern indicating a bullish trend. Given this trend, a projected rally could boost Bitcoin's value to a chart pattern--governed target of approximately $273,693.
BTC/USD weekly chart. Source: Crypto Caesar
Crypto Ceaser highlighted Bitcoin's current critical area consolidation beneath its all-time high, hinting at a robust upward rally and a potentially shorter cycle if it trends above this threshold.
Crypto influencer Lark Davis and co-founders of Glassnode also echoed these sentiments, attributing Bitcoin's potential bullishness to a decisive close above the 50-day simple moving average.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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