Bitcoin (BTC) is grappling with a bearish turn as it extended below $62,000 today. However, industry stakeholders are optimistic on the recovery of the Bitcoin price trajectory. Hence, CryptoQuant CEO Ki Young Ju has made a bold prediction regarding Bitcoin’s price, foreseeing a surge to $265,000.
CryptoQuant CEO Hints At Impending Bitcoin Price Rally
In the latest post on X, Ju asserted that the network fundamentals of Bitcoin could sustain a market cap three times compared to the top in the previous cycle. Moreover, Ju highlighted the Hashrate/market cap ratio to prove his point. The ratio currently stands at 2 billion.
This value falls short of the recent Bitcoin price rally, which propelled BTC above $73,000. With Bitcoin’s market cap currently at $1.22 trillion and a price hovering below $62,000, Ju’s projection implies significant growth potential.
He stated, “#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K.” This prediction underscores Ju’s confidence in Bitcoin’s underlying strength, despite recent market fluctuations.
Earlier, PlanB, a renowned crypto analyst, echoed a similar sentiment. In a recent analysis, the analyst highlighted that the average BTC price throughout the 2020-2024 Bitcoin Halving period settled around $34,000. Despite falling short of the $55,000 forecasted by the S2F model back in 2019, this figure still aligns with expectations.
Notably, this prediction emerged when Bitcoin traded at under $4,000, underscoring the model’s capacity to navigate volatility with substantial accuracy. In light of current data, PlanB has undertaken a refit of the S2F model, yielding comparable parameters and outcomes.
The updated prognosis presents a remarkable price target of $477,665 for the 2024-2028 Halving cycle. This projection indicates a whopping 670% surge from the ongoing Bitcoin price trajectory. Moreover, PlanB’s analysis extends to an even more astonishing forecast. The analyst believes that the Bitcoin price can surge to a high of $4.13 million in the 2028-2032 BTC Halving cycle.
Also Read: US Spot Bitcoin ETF Challenge Global ETPs By Ramping Up 827K BTC
BTC Plunges Below $62,000
The Bitcoin price has again slipped below the $62,000 mark despite the recent rebound past $65,000. At the time of writing, the BTC price slumped 2.86% to $61,982.36 with a market cap of $1.22 trillion on Wednesday, May 8. In addition, the trading volume for BTC plunged 6.20% to $24.96 billion in the last 24 hours.
Furthermore, Bitcoin noted a substantial selloff amid the price decline, expediting the dip. According to Coinglass data, longs liquidated $26.05 million of Bitcoin in the 24-hour frame. It accounted for a staggering 80% of total BTC liquidations today. Additionally, the Bitcoin futures open interest dropped 2% to $29.85 as derivatives traders also pulled the funds out amid the unfavorable market conditions.
Also Read: Donald Trump To Support Bitcoin Price Rally Amid Regulatory Uncertainty
The post Bitcoin Price: CryptoQuant CEO Predicts BTC To Hit $265K, Here’s Why appeared first on CoinGape.
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