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/bitcoins-price-could-triple-says-cryptoquant-ceo-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s 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/countdown-to-bitcoins-block-reward-halving-100-days-to-go/" 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. Young Ju explained in a post published on May 8th on X that the current size of Bitcoin’s network fundamentals could support a market value three times that of the 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, indicating a potential 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-analyst">Notable Comments from a Prominent Analyst</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 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 in Bitcoin’s price towards a technical target of $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 stated in a report dated May 7th that the average short-term acquisition price always acted as a strong barrier during downtrends and provided robust 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, where it found support 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/bitcoins-price-could-triple-says-cryptoquant-ceo-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s Price Could Triple, Says CryptoQuant CEO</a></h5>

Bitcoin’s Price Could Triple, Says CryptoQuant CEO

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