CryptoQuant CEO Predicts Bitcoin Price to Soar by $265K

Bitcoin in 2024 has experienced both highs and lows, but despite these challenges, it has shown resilience and promising growth. Experts, including CryptoQuant CEO Ki Young Ju, remain optimistic about its future trajectory. Ju predicts a surge in Bitcoin’s price to $265,000, citing the network’s strength and underlying fundamentals as the reasons for his confidence.

Ju recently highlighted the network fundamentals of Bitcoin, suggesting that they could support a market cap three times larger than the previous cycle’s peak. He pointed to the Hashrate/market cap ratio, which currently stands at 2 billion. Despite Bitcoin’s current market cap of $1.22 trillion and its price hovering below $62,000, Ju’s prediction indicates significant growth potential.

Renowned crypto analyst PlanB shares Ju’s optimistic sentiment regarding Bitcoin’s surge. PlanB noted in an analysis that Bitcoin’s price during the 2020-2024 Halving period averaged around $34,000, meeting expectations. However, it fell short of the $55,000 forecasted by the S2F model in 2019, a figure that continues to hold significance in 2024 due to the historical accuracy of the model.

PlanB’s updated S2F model now projects an impressive price target of $477,665 for the 2024-2028 Halving cycle, indicating a significant 670% surge from current levels. Furthermore, based on his analysis, PlanB believes that Bitcoin could reach an astonishing $4.13 million in the 2028-2032 BTC Halving cycle.

For more information on Bitcoin’s rebound and its impact on other top cryptocurrencies, be sure to check out our related articles.

Tags: Bitcoin