Although Bitcoin rose to $65,500 at the beginning of the week, it fell below $62,000 today with the declines it experienced afterwards.
Bitcoin Price May Reach 265 Thousand Dollars!
While investors were worried that the decline might deepen, CryptoQuant CEO Ki Young Ju made a bold prediction in his post, stating that Bitcoin had the potential to rise to $ 265,000.
Arguing that BTC network fundamentals can maintain three times the market value compared to the peak in the previous cycle, Ju based his claim on the Hashrate / market cap ratio.
“Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical peak, potentially sustaining a price of $265K.”
#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. pic.twitter.com/GnsrSIrtuY
— Ki Young Ju (@ki_young_ju) May 8, 2024
Summer Rally May Be Seen in Bitcoin!
While expectations of $100,000 in Bitcoin were revived, a post about possible scenarios in BTC came from Yann Allemann, co-founder of Glassnode, known as Negentropic in X.
Stating that Bitcoin is currently about to break the pennant formation and the 50-day SMA trnd line, the famous name claimed that if BTC manages to break the $ 65,000-66,000 level, it can reach $ 85,200 before the summer.
Glassnode co-founder, who added a chart to his post showing that BTC is in the process of breaking the pennant formation and 50-Day SMA trend line, listed his price predictions for BTC:
“Bitcoin is currently in the process of breaking the Pennant and 50-Day SMA trend line.
“When BTC breaks the $65,000-66,000 level, it will first move to $73,500 and then to $76,500, and it is most likely that we will see $85,200 before the summer.”
#BTC currently in process of breaking trendline of Pennant and the 50 Daily SMA
When the level 65-66K is broken – BTC will move on to first 73.5K – then 76.5K and chances are that we see 85.2K before the Summer. pic.twitter.com/K1xY42hZXo
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 8, 2024
*This is not investment advice.
