Bitcoin (BTC) is struggling with a bearish trend, having fallen below $62,000 today. Industry participants, however, are upbeat about the trajectory of Bitcoin’s price recovery. Thus, Ki Young Ju, the CEO of CryptoQuant, has ventured a significant estimate for Bitcoin’s cost, predicting a rise of $265,000.
The CEO of CryptoQuant Alludes to an Upcoming Bitcoin Price Rally
In his most recent post on X, Ju stated that Bitcoin’s network characteristics may support a market valuation three times higher than the peak of the last cycle. Moreover, Ju highlighted the Hashrate/market cap ratio to prove his point. At the moment, the ratio is 2 billion.
This amount is less than the recent surge in Bitcoin’s price, which sent it past $73,000. Given that Bitcoin is trading at less than $62,000 and has a market capitalization of $1.22 trillion, Ju’s prediction suggests substantial growth potential.
He said about the previous cyclical peak, “#Bitcoin network fundamentals could support a market cap three times its current size, potentially sustaining a price of $265K.” This prediction demonstrates Ju’s faith in Bitcoin’s fundamental strength despite recent market volatility.
Earlier, PlanB, a respected crypto expert, voiced a similar sentiment. The analyst noted in a recent analysis that the average price of Bitcoin during the 2020–2024 halving period settled at roughly $34,000. Even though this amount is less than the $55,000 that the S2F model predicted in 2019, it is still within expectations.
Notably, this prediction emerged when Bitcoin traded at under $4,000, underscoring the model’s capacity to navigate volatility with substantial accuracy. PlanB has re-fitted the S2F model using the available data, producing similar parameters and results.
The revised forecast shows an astounding $477,665 price target for the 2024–2028 halving cycle. This forecast shows a massive 670% increase in Bitcoin prices over the current trend. Furthermore, PlanB’s analysis yields an even more astounding prediction. The researcher thinks that during the 2028–2032 BTC Halving cycle, the price of Bitcoin might rise to a high of $4.13 million.
Bitcoin Drops Under $62,000
Despite the recent surge above $65,000, the price of Bitcoin has now again fallen below $62,000. As of this writing on Wednesday, May 8, the cost of Bitcoin had dropped 2.86% to $61,982.36, giving it a market capitalization of $1.22 trillion. In addition, the trade volume for BTC plummeted 6.20% to $24.96 billion in the last 24 hours.
Moreover, Bitcoin experienced a significant selloff during the price drop, accelerating the decline. According to Coinglass data, longs liquidated $26.05 million of Bitcoin in the 24-hour frame. It made up an astounding 80% of all BTC liquidations as of right now. Additionally, the Bitcoin futures open interest dropped 2% to $29.85 as derivatives traders pulled the funds out amid the unfavourable market conditions.
