Bitcoin (BTC) is grappling with a bearish turn as it extended below $62,000 today. However, industry stakeholders are optimistic on the recovery of the Bitcoin price trajectory. Hence, CryptoQuant CEO Ki Young Ju has made a bold prediction regarding Bitcoin’s price, foreseeing a surge to $265,000.
CryptoQuant CEO Hints At Impending Bitcoin Price Rally
In the latest post on X, Ju asserted that the network fundamentals of Bitcoin could sustain a market cap three times compared to the top in the previous cycle. Moreover, Ju highlighted the Hashrate/market cap ratio to prove his point. The ratio currently stands at 2 billion.
This value falls short of the recent Bitcoin price rally, which propelled BTC above $73,000. With Bitcoin’s market cap currently at $1.22 trillion and a price hovering below $62,000, Ju’s projection implies significant growth potential.
He stated, “#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K.” This prediction underscores Ju’s confidence in Bitcoin’s underlying strength, despite recent market fluctuations.
Earlier, PlanB, a renowned crypto analyst, echoed a similar sentiment. In a recent analysis, the analyst highlighted that the average BTC price throughout the 2020-2024 Bitcoin Halving period settled around $34,000. Despite falling short of the $55,000 forecasted by the S2F model back in 2019, this figure still aligns with expectations.
Notably, this prediction emerged when Bitcoin traded at under $4,000, underscoring the model’s capacity to navigate volatility with substantial accuracy. In light of current data, PlanB has undertaken a refit of the S2F model, yielding comparable parameters and outcomes.
The updated prognosis presents a remarkable price target of $477,665 for the 2024-2028 Halving cycle. This projection indicates a whopping 670% surge from the ongoing Bitcoin price trajectory. Moreover, PlanB’s analysis extends to an even more astonishing forecast. The analyst believes that the Bitcoin price can surge to a high of $4.13 million in the 2028-2032 BTC Halving cycle.
Also Read: US Spot Bitcoin ETF Challenge Global ETPs By Ramping Up 827K BTC
BTC Plunges Below $62,000
The Bitcoin price has again slipped below the $62,000 mark despite the recent rebound past $65,000. At the time of writing, the BTC price slumped 2.86% to $61,982.36 with a market cap of $1.22 trillion on Wednesday, May 8. In addition, the trading volume for BTC plunged 6.20% to $24.96 billion in the last 24 hours.
Furthermore, Bitcoin noted a substantial selloff amid the price decline, expediting the dip. According to Coinglass data, longs liquidated $26.05 million of Bitcoin in the 24-hour frame. It accounted for a staggering 80% of total BTC liquidations today. Additionally, the Bitcoin futures open interest dropped 2% to $29.85 as derivatives traders also pulled the funds out amid the unfavorable market conditions.
Also Read: Donald Trump To Support Bitcoin Price Rally Amid Regulatory Uncertainty
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
