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Bitcoin (BTC) Network Can Sustain $256K Price Target: Analyst

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Wed, 8/05/2024 – 15:57

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Besides being the first blockchain protocol, many consider the Bitcoin (BTC) network as the safest and the most robust in the industry. In alliance with this notion, CryptoQuant CEO Ki Young Ju has teased that the network can sustain additional valuation than it currently boasts of.

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According to the top market analyst, Bitcoin network fundamentals can sustain a market cap three times the current size. At the moment, Bitcoin is changing hands for $62,636.62, down by 1.89% in 24 hours. At this market price, the market capitalization of Bitcoin comes in at $1,232,860,805,283.

From Ki Young Ju’s estimate, the Bitcoin network will remain resilient at a peak capitalization of $3,698,582,400,000. According to the analyst, this valuation will amount to a price target of $265,000. Young Ju believes the network fundamentals at this time are better than in November 2021, when Bitcoin blew past the $69,000 all-time high (ATH).

This time around, there are various spot Exchange Traded Funds (ETFs) backing the asset. This product effectively opens Bitcoin up to the general traditional financial ecosystem. The projection of Bitcoin’s adoption is already taking center stage, with Susquehanna International Group (SIG) reportedly holding over $1 billion in various spot BTC ETF shares.

SIG joins the likes of Morgan Stanley and BNP Paribas, both of which have upped the ante regarding Bitcoin ETFs lately.

While the convenient forecast on the resilience of the Bitcoin network is for a $265,000 price mark, higher valuations of $1 million are projected by proponents like Samson Mow. Per Bitcoin’s design, the Market Cap and Hashrate ratio, as projected in the chart presented by Ki Young Ju, may keep expanding as the individual metrics grow.

For now, however, industry watchers are anticipating a rebound in Bitcoin’s price to the $70,000 mark.

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