Ki Young JuCryptoQuant CEO, a cryptocurrency research firm, made an extremely bullish Bitcoin prediction. The founder of CryptoQuant alluded at certain factors that may spark the flagship crypto’s rise Such heights
Bitcoins could reach as much as $265,000
Young Ju was mentioned in a X message (formerly Twitter). post The “Bitcoin’s network fundamentals could support a market cap three times its current size compared to the last cyclical top.” This development, he said, could boost BTC to $265,000. This crypto-founder was referring to the Hashrate/Market Capital ratio.
Source: CryptoQuant
Young Ju also shared a chart. Bitcoin’s hash rate At the moment, BTC’s price is three times higher than it was in 2005 at its peak. BTC remains at its price during this period. CryptoQuant’s CEO, therefore, believes Bitcoin will also experience a three-fold increase in price.
Young Ju’s bullish prediction for Bitcoin is much-needed, given recent Bitcoin declines. talk Bitcoin has already reached the top of this market cycle. Tom Lee of the research firm Fundstrat recently expressed his bullish outlook for BTC. stating The crypto token is still expected to reach $150,000 in 2018.
The crypto analyst MacronautBTC made the same prediction as Young Ju. previously stated Bitcoin may rise to $237,000. Crypto analyst said this “conservative” BTC is a long-term calculation that assumes the demand for BTC will outpace its supply. halving Reduce the supply of Miners.
A Rise To $265,000 Not Ambitious
Young Ju’s Bitcoin prediction of $265,000 is not ambitious, considering Samson Mow the CEO of JAN3. predicted Bitcoin’s value could reach $1,000,000 this year. This unprecedented increase is possible because of the demand for Bitcoin.
Pseudonymous crypto analyst PlanB Also echoing a similar sentiment was Jeremy, who said BTC reaching $1 million could be possible. However, he stated that this may happen 2025, rather than in 2018. The Bitcoin Stock-to Flow (STF) index, which suggests that Bitcoin’s average price is $500,000 in the current market cycle, was used to make this prediction.
The analyst thinks that this market will reach $1,000,000 in the near future. PlanB also stated that Bitcoin could reach $100,000 by the end of this year. “inevitable.”
Bitcoin’s price is currently around $61,700. This represents a decrease of 1% over the past 24 hours. data CoinMarketCap.
Source:| Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, image from CryptoRank
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Source: www.newsbtc.com