Pakinomist – Contrary to earlier insinuations that the cryptoecosystem’s bull rally is coming to an end, the current outlook for (BTC) proves otherwise. Crypto analysis and data platform CryptoQuant has revealed its new price target for Bitcoin this year.
The platform shared its minimum, average and upper targets for the coin. Notably, the price of BTC topped $100,000 again recently as optimism returns to the ecosystem.
Bitcoin to $249,000 and growth factors
According to CryptoQuant analyst Julio Moreno, the lowest price peak target for Bitcoin this year is $145,000. At this level, the coin will add $1.04 trillion in market cap, bringing its total valuation to $2.889 trillion in this scenario.
On a more optimistic note, Moreno said Bitcoin could also add $2.08 trillion with a multiplier factor of four. If this scenario plays out, the analyst expected that the Bitcoin price could rise to $197,000 by the end of the year.
The analyst also predicted a price target of $249,000, drawing on a multiplier factor of six that could bring the market cap to $4.969 trillion. The analyst highlighted three unique factors to help BTC achieve these growth goals.
First is the emergence of a pro-crypto administration in the United States. Secondly, he pointed to the potential interest rate cuts and the favorable macroeconomic climate. Finally, he singled out 2024 as the final year of Bitcoin’s four-year cycle, historically associated with large price increases.
Trigger for altcoins
Amid the bullish projections for Bitcoin, altcoins are taking advantage of their correlations with the coin. XRP, for example, jumped above the $3 price level despite the US Securities and Exchange Commission (SEC) filing an appeal in the lawsuit.
Other digital currencies such as (LTC) have offset previous price losses and anchored new bullish trends on Bitcoin correlation and internal ecosystem fundamentals. If Bitcoin prices rise as high as CryptoQuant forecast, altcoins could also be the biggest beneficiaries.
