Prominent crypto analyst and CEO of CryptoQuantKi Young Ju recently shared an interesting perspective on the price movement ofBitcoin (BTC). As the price of Bitcoin surpassed the $100,000 mark on the Chicago Mercantile Exchange platform, many began to discuss where the ceiling is for the price of the market's largest cryptocurrency.
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Ju presented a chart in which he showed several patterns of Bitcoin price development from 2017, 2020 and the more recent past. As can be seen on the chart, according to Ki Young Ju, two possible scenarios emerge. The first is that the Bitcoin price might follow the 2017 pattern, in which case the all-time high for BTC will be $1.15 million, which is another 1,050% run from the current price.
#Bitcoin parabolic bull scenario during price discovery https://t.co/ARK79Kz2ti pic.twitter.com/VPi0mFZXmz
— Ki Young Ju (@ki_young_ju) November 22, 2024
Another option is that theBitcoin price might follow the 2020 pattern. In this case, the next historical high for the major cryptocurrency will be at $262,000 per BTC. This top implies a scenario of another 160% run from the current level.
Trillions for Bitcoin (BTC)
In Ki Young Ju's view, these scenarios come as a parabolic bull run for the cryptocurrency, and based on this, the projected market capitalization of Bitcoin will vary from $22.76 trillion at the highest possible mark to $5.18 trillion at the lowest.
Both scenarios will immediately makeBTC one of the most expensive assets, with the possibility of surpassing even gold, whose market capitalization is currently estimated at $18.125 trillion.
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As Bitcoin heads into this potential parabolic bull run, we are asking ourselves some big questions, like how realistic is this projected growth, or could any external economic factors or black swans affect Bitcoin's trajectory?
