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DailyBubble News

With This Market Cap Bitcoin Price Reach $265,000 In 2024

Bitcoin has experienced a steady correction over the past two months, leading to a 17.8% loss in its price from a high of $73,794 to $60,987. This downward trend has been further accelerated by the recent halving on April 19, resulting in a phenomenon known as Post-halving correction. Despite these fluctuations, BTC price predictions suggest that a retracement of 20-30% is typical for Bitcoin to recover from exhaustion, indicating a bullish market trend.

The Founder of CryptoQuant, Ki Young Ju, has pointed out that the fundamentals of the Bitcoin network are strong enough to potentially support a market capitalization three times its current size compared to the last cyclical peak. According to Ju’s analysis, this could lead to Bitcoin prices reaching as high as $265,000. The data presented by Ju shows a significant improvement in network strength since the last peak, with the hashrate tripling while the price remains constant. This suggests underlying stability and efficiency in Bitcoin mining operations, potentially undervaluing the market cap and setting the stage for substantial price growth.

By the end of 2024, it is projected that the total circulating supply of Bitcoin will reach approximately 19,802,075 BTC, with a daily addition of 450 BTC. To reach a price target of $265,000 per Bitcoin, the required market capitalization would be around $5.248 trillion.

In terms of technical analysis, Bitcoin’s price is currently seeking support at the 38.2% Fibonacci retracement level, indicating a level where buyers could step in to create renewed demand pressure during a correction trend. Large investors are also accumulating Bitcoin, with wallets holding between 1,000 and 10,000 BTC adding approximately 15,121 Bitcoins valued at around $941 million in the last 24 hours. This surge in accumulation by whales suggests the potential for a rebound that could surpass previous highs.

Overall, the market sentiment for Bitcoin remains bullish, with key technical indicators such as the Exponential Moving Average and Average Directional Index pointing towards a strong potential for a higher rally in the near future. Despite fluctuations in price, the overall outlook for Bitcoin remains positive, with potential for significant price growth in the coming months. The Importance of Regular Exercise for a Healthy Lifestyle

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