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BlockNews
Home CRYPTO

Bitcoin Could Sustain $265,000 This Cycle and Here is Why

Michael Juanico by Michael Juanico
May 8, 2024
in CRYPTO, OPINION
Reading Time: 4 mins read
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  • Bitcoin’s market structure and on-chain data suggest that BTC price could rally to $265,000 after the current consolidation period ends.
  • Analysts point to the increasing hash rate to market cap ratio as an indicator that Bitcoin’s price could sustain levels above $260,000.
  • A bullish cup-and-handle pattern on BTC’s weekly chart projects a potential rally towards $273,693, aligning with analysts’ predictions of a significant price increase.

Bitcoin’s price has the potential to reach $265,000 according to analysts, but the journey there may not be quick and direct.

ICYMI: #Bitcoin analyst @ki_young_ju states $BTC could sustain a price of $265,000 pic.twitter.com/Plgrw0lRYa

— BlockNews.com (@blocknewsdotcom) May 8, 2024

Current Bitcoin Price Action Points to Eventual Rally

The price of Bitcoin is currently trading around $61,500 after a recent pullback. However, analysts believe there are signs the price could continue its uptrend and triple its market capitalization, propelling its price above $260,000.

Ki Young Ju, founder and CEO of on-chain and market analytics firm CryptoQuant, explained that Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top.

In a May 8 post on Twitter, Young Ju referred to a chart comparing Bitcoin’s price and the associated hash rate to market capitalization ratio, highlighting the crypto‘s ongoing volatility and the resilience of the Bitcoin network.

Hash Rate Growth Suggests Potential Price Increase

The chart reveals that Bitcoin’s hash rate to market cap ratio has increased significantly in 2022, 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.

In response, analyst and trader Crypto Ceaser pointed out that Young Ju’s views aligned with their analysis which showed that BTC had formed a large cup-and-handle pattern on the weekly chart.

Cup and Handle Formation Points to $273,000 Target

The cup-and-handle pattern is a bullish continuation pattern that usually forms during a price consolidation period. If confirmed, the chart projected a BTC rally toward the technical target of the governing chart pattern at $273,693.

Crypto Caesar explained that BTC’s price is currently in a critical area consolidating below its all-time highs. They added that if Bitcoin can start to trend above ATHs this summer, then they anticipate a strong rally to the upside and potentially a shorter cycle.

Bitcoin Needs to Hold Support and Break Resistance

Although it is crucial that Bitcoin holds above its short-term holder price of $59,500 to maintain its bullish trend, some traders believe that Bitcoin has to produce a decisive daily candlestick close above the 50-day simple moving average (SMA) to remain bullish.

BTC is currently in the process of breaking the trendline of Pennant and the 50 Daily SMA. When the $65,000-$66,000 level is broken, BTC will move on first to $73,500 and then $76,500, with chances of seeing $85,200 before the summer according to some analysts.

Bitcoin’s volatility is cooling off slightly as price has been consolidating in its current range. This is still at relatively low levels compared to last cycle. Likely to see that change as time goes on and price leaves this range.

In summary, analysts are optimistic about Bitcoin’s long-term trajectory based on technical and on-chain indicators. However, breaking key resistance levels and consolidating gains will be required steps along the way. The road to $265,000 may not come quickly, but the foundation appears to be building for an eventual rally to new highs.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoincryptoCrypto CeaserCryptoQuantKi Young Ju
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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