Distinguished crypto analyst and CEO of CryptoQuant Ki Younger Ju just lately shared an attention-grabbing perspective on the value motion of Bitcoin (BTC). As the value of Bitcoin surpassed the $100,000 mark on the Chicago Mercantile Change platform, many started to debate the place the ceiling is for the value of the market’s largest cryptocurrency.
Ju introduced a chart during which he confirmed a number of patterns of Bitcoin value improvement from 2017, 2020 and the more moderen previous. As might be seen on the chart, in accordance with Ki Younger Ju, two potential eventualities emerge. The primary is that the Bitcoin value would possibly comply with the 2017 sample, during which case the all-time excessive for BTC might be $1.15 million, which is one other 1,050% run from the present value.
#Bitcoin parabolic bull situation throughout value discovery https://t.co/ARK79Kz2ti pic.twitter.com/VPi0mFZXmz
— Ki Younger Ju (@ki_young_ju) November 22, 2024
An alternative choice is that the Bitcoin value would possibly comply with the 2020 sample. On this case, the following historic excessive for the most important cryptocurrency might be at $262,000 per BTC. This high implies a situation of one other 160% run from the present degree.
Trillions for Bitcoin (BTC)
In Ki Younger Ju’s view, these eventualities come as a parabolic bull run for the cryptocurrency, and based mostly on this, the projected market capitalization of Bitcoin will range from $22.76 trillion on the highest potential mark to $5.18 trillion on the lowest.
Each eventualities will instantly make BTC some of the costly property, with the opportunity of surpassing even gold, whose market capitalization is presently estimated at $18.125 trillion.
As Bitcoin heads into this potential parabolic bull run, we’re asking ourselves some massive questions, like how real looking is that this projected progress, or might any exterior financial elements or black swans have an effect on Bitcoin’s trajectory?
