Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-could-triple-says-cryptoquant-ceo-5/" data-wpel-link="internal">Bitcoin Price Could Triple, Says CryptoQuant CEO</a><br></p>
<p class="p1" style="text-align: justify">According to CryptoQuant founder and CEO Ki Young Ju, <a href="https://en.coin-turk.com/exploring-the-impact-of-early-bitcoin-movements/" data-wpel-link="internal">Bitcoin</a>‘s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> could maintain its upward trend and potentially triple its <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> value to over $260,000. Young Ju explained in a post published on X on May 8 that the current size of Bitcoin network fundamentals could support a market value three times its last cyclical peak.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Young Ju referred to a chart comparing Bitcoin’s price and its hash rate to its market value, highlighting the ongoing volatility of cryptocurrency and the resilience of the Bitcoin network. The graph shows a significant increase in the hash rate/market value ratio by 2024, suggesting a possible rise in market activities and investor interest.</p> 
<p class="p1" style="text-align: justify">The hash rate/market value ratio assesses the growth of mining activity relative to market value. If this ratio continues to increase, Young Ju stated that Bitcoin’s price could potentially sustain at $265,000.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-349259 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-hash-rate.webp" alt="" width="1109" height="558"></p> 
<h2 class="p1" style="text-align: justify" id="notable-comments-from-a-prominent-figure">Notable Comments from a Prominent Figure</h2> 
<p class="p1" style="text-align: justify">In response, analyst and trader Crypto Ceaser noted that Young Ju’s views are consistent with his own analyses, which show that Bitcoin is forming a significant cup and handle pattern on the weekly chart. This formation typically occurs during a price consolidation period and is a bullish continuation pattern. If confirmed, the chart predicts a rise to $273,693.</p> 
<p class="p1" style="text-align: justify">The cup and handle formation is noted as a bullish continuation pattern that usually forms during a price consolidation period. If confirmed, the chart foresees a rise to $273,693:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Although this target is particularly high, it is a legitimate goal and technically represents a diminishing return.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-349258 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/caesar.jpg" alt="" width="1200" height="625"></p> 
<p class="p1" style="text-align: justify">Glassnode analysts reported on May 7 that the average short-term acquisition price always acts as a strong barrier during downtrends and provides solid support during uptrends:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“This thesis has held up so far this week; the Bitcoin market corrected to the $59,800 level below the STH-Cost Basis, found support there, and rose further.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-349257 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/glassnode.webp" alt="" width="2255" height="1033"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-could-triple-says-cryptoquant-ceo-5/" data-wpel-link="internal">Bitcoin Price Could Triple, Says CryptoQuant CEO</a></h5>

Bitcoin Price Could Triple, Says CryptoQuant CEO

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