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- Despite the recent plunge below the $62,000 level, CryptoQuant CEO Ki Young Ju expects the Bitcoin price to shoot to a high of $265,000 owing to the network’s resilience.
- Bitcoin (BTC) is grappling with a bearish turn as it extended below $62,000 today.
- Ju believes that the Bitcoin network is capable of sustaining a price of $265,000 per BTC.
CryptoQuant CEO Ki Young Ju predicts a surge in Bitcoin’s price to $265,000, despite the recent market fluctuations. This article delves into the details of his prediction and the current state of the Bitcoin market.
Bitcoin’s Bearish Turn
Bitcoin (BTC) is grappling with a bearish turn as it extended below $62,000 today. However, industry stakeholders are optimistic on the recovery of the Bitcoin price trajectory. Hence, CryptoQuant CEO Ki Young Ju has made a bold prediction regarding Bitcoin’s price, foreseeing a surge to $265,000.
CryptoQuant CEO’s Bold Prediction
In the latest post on X, Ju asserted that the network fundamentals of Bitcoin could sustain a market cap three times compared to the top in the previous cycle. Moreover, Ju highlighted the Hashrate/market cap ratio to prove his point. The ratio currently stands at 2 billion. This prediction underscores Ju’s confidence in Bitcoin’s underlying strength, despite recent market fluctuations.
Bitcoin Price Plunges Below $62,000
The Bitcoin price has again slipped below the $62,000 mark despite the recent rebound past $65,000. At the time of writing, the BTC price slumped 2.86% to $61,982.36 with a market cap of $1.22 trillion on Wednesday, May 8. In addition, the trading volume for BTC plunged 6.20% to $24.96 billion in the last 24 hours.
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Conclusion
Despite the recent bearish turn in the Bitcoin market, CryptoQuant CEO Ki Young Ju remains optimistic about the future of Bitcoin. He believes that the network’s fundamentals could support a price surge to $265,000 per BTC. However, only time will tell if his bold prediction will come to fruition.
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