Bitcoin price to ‘sustain’ $265K level once boring consolidation ends — Analysts

) price could continue its uptrend and triple its market capitalization, propelling its price above $260,000, according to founder and CEO of on-chain and market analytics firm CryptoQuant Ki Young Ju.

The hash rate to market cap ratio assesses the growth of mining activity relative to the market capitalization. The setup forms when an asset in a bullish trend retraces twice, first in a wide, shallow move forming the cup and then in a smaller dip forming the handle. The cup-and-handle pattern is a bullish continuation pattern that usually forms during a price consolidation period.

“Whilst this target is particularly high, it is a legitimate target and technically a diminished return .”“If Bitcoin can start to trend above ATH’s this summer, then I anticipate a strong rally to the upside and potentially a shorter cycle.”

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