Bitcoin
CryptoQuant CEO Predicts BTC Will Hit $265K, Here’s Why
Bitcoin (BTC) is facing a bearish turn as it extends below $62,000 today. However, industry stakeholders are optimistic about the recovery of Bitcoin’s price trajectory. Consequently, CryptoQuant CEO Ki Young Ju made a bold prediction regarding the price of Bitcoin, predicting a rise to $265,000.
CryptoQuant CEO Suggests Imminent Bitcoin Price Rise
In the last post about X, Ju stated that the foundations of the network Bitcoin could sustain a market capitalization three times that of the previous cycle. Furthermore, Ju highlighted the Hashrate/market capitalization ratio to prove his point. The proportion is currently 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 below $62,000, Ju’s projection implies significant growth potential.
He stated: “#Bitcoin network fundamentals could support a market capitalization three times its current size compared to the last cyclical top, potentially supporting a price of $265K.” This prediction underscores Ju’s confidence in Bitcoin’s underlying strength despite recent market fluctuations.
Previously, PlanB, a renowned crypto analyst, expressed a similar sentiment. In a recent analysis, the analyst highlighted that the average price of BTC over the period 2020-2024 Bitcoin Halving period was settled at around US$34,000. Despite falling short of the $55,000 predicted by the S2F model in 2019, this number is still in line with expectations.
Notably, this prediction came as Bitcoin traded below $4,000, underscoring the model’s ability to navigate volatility with substantial accuracy. In light of current data, Plan B reformulated the S2F model, producing comparable parameters and results.
The updated forecast features a notable price target of $477,665 for the 2024-2028 halving cycle. This projection indicates a whopping 670% increase in Bitcoin’s ongoing price trajectory. Furthermore, Plan B’s analysis extends to an even more surprising prediction. The analyst believes that Bitcoin price could rise to $4.13 million in the 2028-2032 BTC halving cycle.
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BTC Falls Below $62,000
Bitcoin price has fallen below the $62,000 mark again despite the recent recovery beyond $65,000. At the time of writing, the BTC Price fell 2.86% to $61,982.36 with a market cap of $1.22 trillion on Wednesday, May 8. Furthermore, BTC trading volume fell by 6.20% to $24.96 billion in the last 24 hours.
Furthermore, Bitcoin noticed a substantial sell-off amid the price decline, accelerating the decline. According to Currency Currency data, longs liquidated $26.05 million worth of Bitcoin in the 24-hour period. It accounted for a staggering 80% of total BTC liquidations today. Additionally, Bitcoin futures open interest fell 2% to $29.85 as derivatives traders also withdrew funds amid unfavorable market conditions.
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