The year 2024 has seen significant momentum for Bitcoin, as prices reached impressive highs but also witnessed recent downturns. In spite of challenges like market volatility and regulatory scrutiny, Bitcoin continued to show resilience and promising growth. Despite Bitcoin’s recent downturn below $62,000, industry experts remain bullish on its future trajectory. CryptoQuant CEO Ki Young Ju is among those optimistic voices. He predicts a Bitcoin surge to $265,000. In fact, Bitcoin’s network resilience and underlying fundamentals are the causes of Ju’s confidence.
In a recent post, Ju highlighted the network fundamentals of Bitcoin’s, suggesting that they could support a market cap 3x larger than the peak of the previous cycle. As evidence, he marked out the Hashrate/market cap ratio that currently stands at 2 billion. Bitcoin’s market cap is sitting at $1.22 trillion and its price is currently hanging below $62,000. However, Ju’s prediction indicates substantial growth potential.
Renowned crypto analyst PlanB has agreed to Ju’s optimistic sentiment regarding Bitcoin surge. PlanB noted in an analysis that although Bitcoin’s price averaged around $34,000 during the 2020-2024 Halving period, it meets the expectations. In fact, it fell short of the $55,000 forecasted by the S2F model in 2019. This figure continues to hold significance in 2024, considering the historical accuracy of the model.
PlanB’s updated S2F model currently shows an impressive price target of $477,665 for the 2024-2028 Halving cycle. Therefore, it indicates a significant 670% surge from current levels. Further, based on his analysis, PlanB believes that Bitcoin could reach an impressive $4.13 million in the 2028-2032 BTC Halving cycle!
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