PakGazette – Contrary to previous hints that the crypto ecosystem’s bullish rally is coming to an end, the current outlook for (BTC) proves otherwise. Crypto data and analysis 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, BTC price recently broke back above $100,000 as optimism returns to the ecosystem.
Bitcoin at $249,000 and growth factors
According to CryptoQuant analyst Julio Moreno, the lowest target price target for Bitcoin this year is $145,000. At this level, the coin will add $1.04 trillion in market capitalization, bringing its total valuation to $2.889 trillion in this scenario.
On a more optimistic note, Moreno said Bitcoin could also add up to $2.08 trillion, with a multiplier factor of four. If this scenario plays out, the analyst projected that the price of Bitcoin could skyrocket to $197,000 before the end of the year.
The analyst also projected a price target of $249,000, based on a multiplier factor of six that could take its market cap to $4.969 trillion. The analyst highlighted three unique factors that will help BTC achieve these growth goals.
Firstly, the emergence of a pro-crypto administration in the US. Secondly, he pointed to the possible reductions in interest rates and the favorable macroeconomic climate. Lastly, he highlighted 2024 as the final year of Bitcoin’s four-year cycle, historically associated with significant price increases.
Trigger for altcoins
Amid bullish projections for Bitcoin, altcoins are taking advantage of their correlations with the currency. XRP, for example, jumped above the $3 price level even though the US Securities and Exchange Commission (SEC) filed an appeal in the lawsuit.
Other digital currencies such as (LTC) have reduced previous price losses, anchoring new bullish trends in Bitcoin correlation and the ecosystem’s internal fundamentals. If Bitcoin prices soar as high as CryptoQuant predicts, altcoins could also be the biggest beneficiaries.
