Bitcoin's price is expected to continue its upward trend and potentially triple its market value to over $260,000, according to CryptoQuant CEO Ki Young Ju . Young Ju's prediction is based on the current size of Bitcoin network fundamentals, which could support a market value three times its last cyclical peak.

The hash rate/market value ratio has shown a significant increase in 2024, indicating a possible rise in market activities and investor interest. If this ratio continues to increase, Bitcoin's price could potentially sustain at $265,000. Additionally, technical analysis suggests a rise to $273,693 if confirmed, with a cup and handle pattern forming on the weekly chart.

This formation typically occurs during a price consolidation period and is a bullish continuation pattern. Analysts also note that the average short-term acquisition price always acts as a strong barrier during downtrends and provides solid support during uptrends.