#4 Prediction of the Week

Bitcoin Price 'Maintains' $265K After Boring Consolidation Ends - Analysts

Bitcoin's price could continue its upward trend and triple its market capitalization , pushing its price above $260,000, according to founder and CEO of on-chain and market analysis firm CryptoQuant, Ki Young Ju.

“The fundamentals of the #Bitcoin network can support a market capitalization three times the current size compared to the previous cycle peak,” Young Ju explained in a May 8 post on X.

Young Ju is referring to the chart comparing BTC price and associated hash rate to market capitalization, highlighting the cryptocurrency's ongoing volatility and the resilience of the Bitcoin network.

The chart reveals that Bitcoin's hash rate to market capitalization increased significantly in 2024, which suggests there could be an increase in market activity and investor interest.