PK Press Club – Contrary to previous insinuations that the crypto ecosystem’s bullish rally is coming to an end, the current outlook for (BTC) proves otherwise. Crypto analytics and data platform CryptoQuant revealed its new price target for Bitcoin this year.
The platform shared its minimum, average, and upper targets for the coin. Notably, BTC price surpassed $100,000 again recently as optimism returns to the ecosystem.
Bitcoin at $249,000 and Growth Factors
According to CryptoQuant analyst Julio Moreno, the lowest price target for Bitcoin this year is $145,000. With this level, the coin will add $1.04 trillion to the market capitalization, 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 comes true, the analyst predicts that the price of Bitcoin could rise to $197,000 before the end of the year.
The analyst also projected a price target of $249,000, relying on a multiplier of six that could bring its market cap to $4.969 billion. The analyst highlighted three unique factors to help BTC achieve these growth goals.
First, the emergence of a pro-crypto administration in the United States. Second, he highlighted potential interest rate reductions and the favorable macroeconomic climate. Finally, he highlighted that 2024 would be 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 benefiting from their correlations with the coin. XRP, for example, surged above the $3 price level despite filing an appeal from the United States Securities and Exchange Commission (SEC).
Other digital currencies like (LTC) have pared previous price losses, anchoring new uptrends on the Bitcoin correlation and internal fundamentals of the ecosystem. If Bitcoin prices rise as high as CryptoQuant forecasts, altcoins could also be the biggest beneficiaries.
