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Contrary to previous hints that the cryptocurrency ecosystem's bull run is coming to an end, the current forecast for Bitcoin (BTC) proves otherwise. CryptoQuant has a crypto analytics and data platform unveil New price target for Bitcoin this year.
The platform shared its minimum, medium and high targets for the coin. It is worth noting that the price of BTC It exceeded $100,000 Again recently with optimism returning to the ecosystem.
Bitcoin to $249,000 and growth factors
According to CryptoQuant analyst Julio Moreno, the lowest price target for Bitcoin's price peak this year is $145,000. At this level, the currency would add $1.04 trillion to the market cap, bringing its total value to $2.889 trillion in this scenario.
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On a more optimistic note, Moreno said Bitcoin could also add $2.08 trillion, with a multiplier of four. If this scenario comes true, the analyst predicted that the price of Bitcoin could rise to $197,000 before the end of the year.
The analyst also predicted a price target of $249,000, relying on a multiplier of six that could take the market cap to $4.969 trillion. The analyst highlighted three unique factors to help BTC achieve these growth goals.
The first is the emergence of a pro-cryptocurrency administration in the United States. Second, he pointed to potential cuts in interest rates and a favorable macroeconomic climate. Finally, he highlighted 2024 as the final year in Bitcoin's four-year cycle, which is historically associated with significant price increases.
Trigger for altcoins
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Amid the bullish outlook for Bitcoin, altcoins are benefiting from their correlations to the currency. XRP, for example, jump Above the $3 price level despite the US Securities and Exchange Commission (SEC) filing an appeal in the Ripple lawsuit.
Other digital currencies such as Litecoin (LTC) pared previous price losses, solidifying new uptrends on Bitcoin correlation and internal ecosystem fundamentals. If Bitcoin prices rise to the highest level according to CryptoQuant forecasts, altcoins could also be the biggest beneficiaries.
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