Bitcoin

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/insights-on-bitcoins-price-potential-and-market-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Insights on Bitcoin’s Price Potential and Market Trends</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/why-bitcoin-prices-are-falling-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">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="noopener noreferrer nofollow">market</a> value to over $260,000. On May 8, Young Ju posted on X that the current size of Bitcoin’s 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 to its hash rate and 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 potential rise in market activities and investor interest.</p>
<p class="p1" style="text-align: justify">The hash rate/market value ratio evaluates the growth of mining activity relative to market value. If this ratio continues to rise, 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="prominent-figure-makes-notable-statement">Prominent Figure Makes Notable Statement</h2>
<p class="p1" style="text-align: justify">In response, analyst and trader Crypto Ceaser noted that Young Ju’s views align with his own analyses, which show Bitcoin forming a large cup and handle pattern on the weekly chart. This formation typically occurs as a bullish continuation pattern during a price consolidation period and involves a broad, shallow movement followed by a smaller dip to form the handle.</p>
<p class="p1" style="text-align: justify">If confirmed, the chart predicts a rise towards a technical target of $273,693 for Bitcoin:</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/insights-on-bitcoins-price-potential-and-market-trends/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Insights on Bitcoin’s Price Potential and Market Trends</a></h5>

Insights on Bitcoin’s Price Potential and Market Trends

Table of Contents

COINTURK NEWS

Other articles published on May 8, 2024

Update: CD Projekt Announces Release Date for The Witcher 3 Modding Tools

XRP Price Prediction: Will Market Uncertainty on Ripple Vs SEC Case Push $XRP Below $0.5?

FTX account holders set to cash in big with over 100% payout

Biden Poised to Veto H.J. Res. 109 over SEC Digital Asset Rules

Ripple vs SEC Reaches Penultimate Showdown Following the SEC’s Redacted Reply Reveal, Final Verdi...

Good News from Bankrupt Cryptocurrency Exchange FTX to Its Creditors!

Join our free newsletter for daily crypto updates!