- 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.
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.
