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CryptoQuant founder and CEO Ki Young Ju predicts that the price of Bitcoin (BTC) could continue its upward trend and triple its market capitalization, pushing the price above $260,000. 📈
- Young Ju compared the price of BTC and the ratio of hashrate to market capitalization, highlighting the volatility of the cryptocurrency and the resilience of the Bitcoin network.
- If this ratio continues to rise, Young Ju says it could "potentially support" Bitcoin's price to $265,000.
- Analyst and trader Crypto Ceaser noted that Young Ju's opinion coincides with their analysis, which shows that BTC has formed a large "cup and handle" pattern on the weekly chart.
- If confirmed, the chart forecasts a BTC rally towards the control chart's technical target of $273,693.
- Some traders believe that Bitcoin needs to make a decisive daily candle close above the 50-day simple moving average (SMA) to remain bullish.
- Young Ju compared the price of BTC and the ratio of hashrate to market capitalization, highlighting the volatility of the cryptocurrency and the resilience of the Bitcoin network.
- If this ratio continues to rise, Young Ju says it could "potentially support" Bitcoin's price to $265,000.
- Analyst and trader Crypto Ceaser noted that Young Ju's opinion coincides with their analysis, which shows that BTC has formed a large "cup and handle" pattern on the weekly chart.
- If confirmed, the chart forecasts a BTC rally towards the control chart's technical target of $273,693.
- Some traders believe that Bitcoin needs to make a decisive daily candle close above the 50-day simple moving average (SMA) to remain bullish.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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