Unlike previous insinuations that the crypto ecosystem's bull rally is nearing an end, the current outlook for Bitcoin (BTC) proves the opposite.
Crypto analytics platform CryptoQuant has unveiled its new price targets for Bitcoin (BTC) this year, with the apex coin surging past the $100,000 mark recently.
According to CryptoQuant analyst Edris Moreno, BTC could add $1.14 trillion to its market capitalization by the end of 2023, with a multiplier factor of two, taking its price to a minimum of $98,000.
Moreno also noted that Bitcoin could potentially add $2.08 trillion, with a multiplier factor of four, which would see its price hit $197,000 by year-end.
Alternatively, the analyst projected a $249,000 price target for BTC, with a multiplier factor of six that could propel its market cap to $4.969 trillion.
The analyst highlighted three unique factors that could propel BTC to these growth targets. These include the emergence of a pro-crypto administration in the U.S.
Moreno also pointed to the potential interest rate reductions and favorable macroeconomic climate, and highlighted 2024 as the final year in Bitcoin’s four-year cycle, which is usually associated with major price increases.
If Bitcoin prices do soar as high as CryptoQuant forecasts, other digital currencies like Litecoin (LTC), which have pared off previous price losses and are anchoring new bullish trends on Bitcoin correlation and internal ecosystem fundamentals, could also be set to benefit.
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