Fintech
CryptoQuant CEO Expects $265,000 Raise
The year 2024 has seen significant momentum for Bitcoin, as prices have reached impressive highs but have also seen recent declines. Despite challenges such as market volatility and regulatory scrutiny, Bitcoin has continued to show resilience and promising growth. Despite Bitcoin’s recent downturn below $62,000, industry experts remain optimistic about its future trajectory. CryptoQuant CEO Ki Young Ju is among those optimistic voices. He expects Bitcoin to rise to $265,000. Indeed, the resilience of the Bitcoin network and underlying fundamentals are the causes of Ju’s confidence.
Ju Analysis: Network Strength Supports Growth
In a recent post, Ju highlighted the fundamentals of the Bitcoin network, suggesting they could support a 3x market cap compared to the previous cycle’s peak. As proof, you pointed to the Hashrate / market capitalization ratio which currently amounts to 2 billion. Bitcoin’s market capitalization stands at $1.22 trillion and its price is currently below $62,000. However, Ju’s forecast indicates substantial growth potential.
PlanB Bitcoin Analysis: Echo of Optimism
Renowned crypto analyst PlanB agreed with Ju’s optimistic sentiment regarding Bitcoin’s surge. PlanB noted in an analysis that although The price of Bitcoin averaging around $34,000 during the 2020-2024 half-life, it meets expectations. In fact, it was less than the $55,000 predicted by the S2F model in 2019. This figure continues to have significance in 2024, considering the historical accuracy of the model.
PlanB’s updated S2F model: Impressive projections
PlanB’s updated S2F model currently shows an impressive price target of $477,665 for the 2024-2028 halving cycle. Therefore, it indicates a significant increase of 670% from current levels. Furthermore, based on its analysis, PlanB believes that Bitcoin could reach an impressive $4.13 million in the 2028-2032 BTC halving cycle!
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