Rally

Bitcoin

Summer

<p>Although Bitcoin rose to $65,500 at the beginning of the week, it fell below $62,000 today with the declines it experienced afterwards.</p>
<h2 id="bitcoin-price-may-reach-265-thousand-dollars">Bitcoin Price May Reach 265 Thousand Dollars!</h2>
<p>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.</p>
<p>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.</p>
<blockquote>
 <p>“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.”</p>
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. <a href="https://t.co/GnsrSIrtuY" rel="noopener noreferrer nofollow">pic.twitter.com/GnsrSIrtuY</a></p>
 <p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1788159954609992110?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 8, 2024</a></p>
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<h2 id="summer-rally-may-be-seen-in-bitcoin">Summer Rally May Be Seen in Bitcoin!</h2>
<p>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.</p>
<p>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.</p>
<p>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:</p>
<blockquote>
 <p>“Bitcoin is currently in the process of breaking the Pennant and 50-Day SMA trend line.</p>
 <p>“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.”</p>
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> currently in process of breaking trendline of Pennant and the 50 Daily SMA</p>
 <p>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. <a href="https://t.co/K1xY42hZXo" rel="noopener noreferrer nofollow">pic.twitter.com/K1xY42hZXo</a></p>
 <p>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1788173052536086633?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 8, 2024</a></p>
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<p>*This is not investment advice.</p>
<p><b> Continue Reading: <a href="https://en.bitcoinsistemi.com/cryptoquant-announces-its-peak-target-in-bitcoin-and-glassnode-announces-its-short-term-expectation-will-we-see-a-summer-rally-in-btc/" rel="noopener noreferrer nofollow">CryptoQuant Announces Its Peak Target in Bitcoin and Glassnode Announces Its Short-Term Expectation! Will We See a Summer Rally in BTC?</a></b></p>

CryptoQuant Announces Its Peak Target in Bitcoin and Glassnode Announces Its Short-Term Expectation! Will We See a Summer Rally in BTC?

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