Bitcoin fell below $62,000 today with the withdrawal it experienced after rising to $65,500 at the beginning of the week.
Bitcoin Price Has the Potential to Reach $265 Thousand!
While investors were worried about whether the decline would continue, CryptoQuant CEO Ki Young Ju made a bold prediction in a post, claiming that Bitcoin had the potential to rise to $265,000.
Ju argued that the fundamentals of the BTC network could sustain three times the market cap compared to the peak in the previous cycle, and he based his claim on the Hashrate/market cap ratio.
“The fundamentals of the Bitcoin network could sustain three times the market cap compared to the peak in the previous cycle and potentially sustain a price of $265K.”
Summer Rally Expected in Bitcoin!
While expectations that Bitcoin will move towards the $ 100,000 level are revived, Yann Allemann, co-founder of Glassnode, shared a post about possible scenarios for BTC under the name Negentropic.
The famous name stated that Bitcoin is currently about to break the pennant formation and the 50-day SMA trend line, and suggested that if BTC exceeds the $ 65,000-66,000 level, it could rise to $ 85,200 before the summer.
Allemann added a chart to his post showing that Bitcoin was about to break the pennant formation and the 50-day SMA trend line, and listed his price predictions for BTC:
“Bitcoin is currently about to break the Pennant and 50-Day SMA trend line.
"If BTC exceeds the $ 65,000-66,000 level, it will first rise to $ 73,500 and then to $ 76,500, and we will most likely see $ 85,200 before the summer."
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