Bitcoin, VOC
Multiple analysts are now predicting a Bitcoin price surge after the current consolidation phase.
CryptoQuant CEO, Ki Young Ju believes Bitcoin's hashrate to market cap ratio suggests an incoming surge to triple its current value.
Crypto Caesar also sees a cup-and-handle formation on the weekly timeframe, suggesting a potential breakout.
PlanB's Bitcoin Stock-to-Flow model predicts a $500,000 peak by 2028.
PlanB also expects Bitcoin to hit $100,000 in the second half of 2024.
Bitcoin has been on the receiving end of a lot of scrutiny over the last few weeks, considering its (admittedly) confusing price action as of late.
In recent news, however, several analysts are starting to predict incoming surges in the price of the pioneering cryptocurrency, especially now that it eyes $70,000 while trading underneath $65,000.
So far, a prominent analyst has predicted an incoming surge to the $265,000 level, as soon as the current "painful" consolidation wraps up its stay.
According to insights in a new tweet from Ki Young Ju, the founder and CEO of CryptoQuant, the bullish outlook for Bitcoin is strong indeed.
Bitcoin’s hashrate to market cap ratio
In the Tweet, Young Ju posits that the Bitcoin network’s fundamentals seem robust enough to support a rally to three times its current value.
Young Ju believes that this is palpable, considering the comparisons between Bitcoin's current price, its market cap, as well as its hashrate at the time of the tweet—which, by the way, has seen a notable increase in 2024 especially.
A notable analyst, Crypto Caesar, chimed in on Young Ju’s tweet with analytics of his own.
Crypto Caesar opined that Bitcoin is now trading within a massive cup and handle formation on the weekly timeframe.
The Bitcoin cup and handle formation
For context, this formation is regarded as highly bullish once the cup's handle fully forms and has been responsible for some of the most explosive crypto market rallies so far.
This price formation typically ends with periods of price consolidation and if Crypto Caesar’s outlook on Bitcoin is right, we might indeed be seeing a Bitcoin rally straight up to anywhere between Ki Young Ju’s $265,000 prediction, and an even higher target of $273,693.
Speaking of Bitcoin price predictions, Plan B, the pseudonymous creator of the Bitcoin Stock to Flow model has also chimed in.
According to a recent tweet from the analyst, the Bitcoin Stock to Flow model was just updated based on freshly available data.
To sum things up, this prediction model now shows a Bitcoin price outlook of around $500,000 for the 2024-2028 halving cycle, during which Bitcoin will peak and then decline as the new cycle gets ushered in.
Moreover, PlanB also believes that the next cycle, expected in 2028-2032 should see Bitcoin hit the $4 million mark.
This goes without saying that in a recent video, the analyst also commented on the more immediate price action of Bitcoin, stating that he expects the cryptocurrency to hit the $100,000 mark in the second half of 2024, in line with the next halving cycle.
The analyst also expects Bitcoin to hit an all-time high in mid-2025, further solidifying its position as the largest cryptocurrency by market cap, and then succumbing to bearish pressure for the next bear market.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.