As a researcher with a background in cryptocurrency analysis, I find Ki Young Ju’s perspective on Bitcoin’s potential price increase intriguing. Young Ju’s expertise in on-chain and market analytics provides valuable insights into the current state of Bitcoin’s network fundamentals. The increasing hash rate to market cap ratio suggests that investor interest is growing, potentially leading to a higher market capitalization for Bitcoin.
According to the founder and CEO of CryptoQuant, an on-chain and market analysis firm, Bitcoin’s (BTC) price may persist in its upward trajectory and surpass $260,000 if it triples its current market capitalization.
As an analyst, I’ve observed that Bitcoin’s network fundamentals may have the capacity to underpin a market capitalization threefold larger than its present value at the last cyclical peak. I expressed this perspective in a May 8 post on X.
Young Ju pointed out the graph showing the relationship between Bitcoin’s price, hash rate, and market capitalization ratio, emphasizing Bitcoin’s price fluctuations and the robustness of its network.
As a researcher examining the data, I’ve noticed an intriguing trend in 2024: Bitcoin’s hash rate to market cap ratio has experienced a substantial uptick. This observation implies an potential surge in market activity and heightened investor interest.
“The ratio of hash rate to market capitalization measures how much mining activity has grown compared to the total value of all cryptocurrencies in circulation.”
Should this trend persist, Young Ju predicted that Bitcoin’s price might be supported at around $265,000.
Analyst and trader Crypto Ceaser agreed with Young Ju’s perspective, as they too noticed Bitcoin forming a sizable cup-and-handle configuration on the weekly graph.
When an asset experiencing a bullish trend pulls back twice, the first retracement creates a wide, shallow dip called the “cup,” while the second, smaller retreat shapes the “handle.” The cup-and-handle configuration is a bullish signal that often emerges during a price pause or consolidation phase.
Based on my analysis as a financial expert, if the current chart trends hold true, Bitcoin could potentially surge towards the technical objective of this chart formation, which amounts to approximately $273,693.
“Whilst this target is particularly high, it is a legitimate target and technically a diminished return (measured from low to high).”
As a crypto investor, I’d say: “I’m closely monitoring Bitcoin’s price right now. It seems to be in a crucial zone, hovering just beneath its record-breaking all-time highs.”
He added:
“If Bitcoin can start to trend above ATH’s this summer, then I anticipate a strong rally to the upside and potentially a shorter cycle.”
Maintaining the bullish trend for Bitcoin is essential, as it needs to stay above the $59,500 mark indicated by short-term holders according to crypto analyst and co-founder of CMCC Crest Willy Woo. He shared this information with his 1.1 million followers on May 3.
As a crypto investor, I’ve noticed that according to Glassnode analysts, the average price at which short-term holders entered the market has consistently acted as a significant hurdle during bear markets and has offered robust support during bull markets.
“This thesis has held up so far this week, with the Bitcoin market correcting down below the STH-Cost Basis at $59.8k, where it found support and rallied higher.”
Some traders hold the view that for Bitcoin to maintain its bullish trend, it needs to finish the day with a clear closing price above its 50-day moving average on the daily chart.
Crypto influencer Lark Davis expressed his anticipation for a significant price increase, stating, “It’s time for a breakthrough and securing a solid daily closing price above the 50-day moving average as indicated on this chart.”
As a market analyst, I’ve noticed that Bitcoin (BTC) is attempting to breach its current trendline, which follows the structure of a Pennant pattern on the daily chart. Additionally, BTC is also looking to surpass the 50-day Simple Moving Average (SMA).
“When level 65-66K is broken, BTC will move on first to 73.5K and then 76.5K and chances are that we will see 85.2K before the summer.”
As a crypto investor, I’ve noticed Bitcoin‘s volatility easing up a bit recently. The price has been holding steady within a specific range for some time now. However, it’s essential to mention that this range is still relatively low compared to the previous market cycle. I believe we can expect a change as the price eventually breaks free from this range.
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2024-05-08 21:21