Bitcoin price to ‘sustain’ $265K level once boring consolidation ends — Analysts
Analysts forecast a Bitcoin run to $265,000, but it could take longer than investors expect.
Bitcoin's price could continue its uptrend and triple its market capitalization, propelling its price above $260,000, according to founder and CEO of on-chain and market analytics firm CryptoQuant Ki Young Ju.
“Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top,” Young Ju explained in a May 8 post on X.
Young Ju was referring to a chart comparing BTC’s price and the associated hash rate to market capitalization ratio, highlighting the crypto’s ongoing volatility and the resilience of the Bitcoin network .
The chart reveals that Bitcoin’s hash rate to market cap ratio has increased significantly in 2024, which suggests a possible increase in market activity and investor interest.
The hash rate to market cap ratio assesses the growth of mining activity relative to the market capitalization.
If this ratio continues to grow, Young Ju declared it could “potentially sustain” Bitcoin’s price to $265,000.