Bitcoin Network Strengthens with Potential $265,000 Price Target
The Safest Blockchain Network
The Bitcoin Advantage
U.Today – Bitcoin (BTC) has been hailed not only as the first blockchain protocol but also as the safest and most robust network in the industry. According to CryptoQuant CEO Ki Young Ju, the network has the capacity to handle a higher valuation than its current standing.
Market Resilience
Bitcoin’s Market Cap Potential
Ki Young Ju, a top market analyst, believes that the fundamentals of the Bitcoin network can support a market cap three times its current size. With Bitcoin currently trading at $62,636.62, down by 1.89% in the last 24 hours, its market capitalization stands at $1,232,860,805,283.
Ki Young Ju estimates that the Bitcoin network could sustain a market capitalization of $3,698,582,400,000, which would correspond to a price target of $265,000. He notes that the network fundamentals are currently stronger than they were in November 2021, when Bitcoin reached its all-time high of $69,000.
Bitcoin’s Growing Adoption
Spot Exchange Traded Funds (ETFs) Boosting Confidence
The increasing adoption of Bitcoin is evident with several spot Exchange Traded Funds (ETFs) backing the asset. This development has opened up Bitcoin to the broader traditional financial ecosystem. Notably, Susquehanna International Group (SIG) reportedly holds over $1 billion in various spot BTC ETF shares, joining other major players like Morgan Stanley and BNP Paribas in the Bitcoin ETF space.
Future Price Speculations
Potential Price Targets
While some analysts predict a price target of $265,000 for Bitcoin, others like Samson Mow project even higher valuations of $1 million. The Market Cap and Hashrate ratio as shown in Ki Young Ju’s chart may continue to expand as both metrics grow.
Industry watchers are currently anticipating a rebound in Bitcoin’s price to reach the $70,000 mark soon.
This article was originally published on U.Today.
