Analysts predict Bitcoin will maintain $265K level after tedious consolidation period.

Bitcoin’s price has the potential to triple its market capitalization and surpass $260,000, according to Ki Young Ju, the founder and CEO of CryptoQuant. He explained that the fundamentals of the Bitcoin network could support a market cap three times its current size, as shown in a chart comparing BTC’s price and hash rate to market capitalization ratio. This ratio has increased significantly in 2024, indicating potential growth in market activity and investor interest. Young Ju stated that if this ratio continues to grow, it could sustain Bitcoin’s price at $265,000. Analyst and trader Crypto Ceaser agreed with Young Ju’s analysis, pointing out that BTC has formed a cup-and-handle pattern on the weekly chart, which projects a potential rally towards a technical target of $273,693. However, it is crucial for Bitcoin to maintain its bullish trend by holding above its short-term holder price of $59,500. Glassnode analysts also highlighted the importance of the average short-term holder acquisition price as a barrier during bearish trends and support during bullish trends. Some traders believe that Bitcoin needs to close decisively above the 50-day simple moving average to remain bullish. Bitcoin’s volatility has slightly cooled off, but it is still at relatively low levels compared to the previous cycle. This article does not provide investment advice, and readers should conduct their own research before making any decisions.