Contrary to earlier predictions suggesting a slowdown in the upward trend of the cryptocurrency market, the present perspective on Bitcoin (BTC) suggests quite the contrary. The crypto analysis and data provider, CryptoQuant, has recently disclosed a fresh price prediction for Bitcoin in 2021.
The system disclosed its lowest, midpoint, and highest thresholds for the digital currency. Importantly, the value of Bitcoin surpassed $100,000 once more in recent times, as positive sentiments resurface within the community.
Bitcoin to $249,000 and growth factors
As per CryptoQuant analyst Julio Moreno’s prediction, Bitcoin could potentially reach a minimum peak price of $145,000 this year. If this were to occur, the coin’s market capitalization would increase by approximately $1.04 trillion, resulting in a total valuation of around $2.889 trillion in that specific situation.
Speaking on a brighter side, Moreno suggests that Bitcoin could potentially bring in an additional $2.08 trillion if we consider a multiplier factor of four. If this prediction comes true, the analyst anticipates that the price of Bitcoin might reach a staggering $197,000 by year-end.
2025 #Bitcoin price target: $249K (min. $145K)
h/t @jjcmoreno
— Ki Young Ju (@ki_young_ju) January 16, 2025
The analyst additionally set a predicted price of $249,000, based on a multiple value of 6 that might increase its total value to approximately $4.969 trillion. The analyst emphasized three distinct elements that could assist Bitcoin in reaching these ambitious growth objectives.
As an analyst, I’m observing a shift towards a pro-cryptocurrency administration within the U.S., which is intriguing. Furthermore, the possibility of reduced interest rates and a positive macroeconomic environment has been hinted at. Lastly, I find it noteworthy that we are approaching what historically has been Bitcoin’s fourth year in its cycle, traditionally associated with significant price surges.
Trigger for altcoins
Even as predictions for Bitcoin remain optimistic, other cryptocurrencies like XRP are leveraging their connection to Bitcoin. For example, XRP surpassed the $3 mark in price, defying expectations given the U.S. Securities and Exchange Commission’s (SEC) decision to file an appeal in the Ripple lawsuit.
Other cryptocurrencies such as Litecoin (LTC) have recovered from earlier price declines, setting the stage for potential bullish movements. This recovery can be attributed to Bitcoin’s correlation and the robustness of their respective internal ecosystems. If Bitcoin prices reach the heights predicted by CryptoQuant, it’s likely that altcoins could see significant gains as well.
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2025-01-16 17:25