U.Today - 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 and data platform CryptoQuant has unveiled its new price target for Bitcoin this year.
The platform shared its minimum, average and upper targets for the coin. Notably, the price of BTC topped $100,000 again recently as optimism returns to the ecosystem.
Bitcoin to $249,000 and growth factors
According to CryptoQuant analyst Julio Moreno, the lowest price peak target for Bitcoin this year is $145,000. With this level, the coin will add $1.04 trillion in market capitalization, taking 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 plays out, the analyst projected that the Bitcoin price could soar to $197,000 before the end of the year.
The analyst also projected a $249,000 price target, drawing on a multiplier factor of six that could take its market cap to $4.969 trillion. The analyst highlighted three unique factors to help BTC achieve these growth targets.
First is the emergence of a pro-crypto administration in the U.S. Second, he pointed at the potential interest rate reductions and favorable macroeconomic climate. Lastly, he highlighted 2024 as the final year in Bitcoin’s four-year cycle, historically associated with major price increases.
Trigger for altcoins
Amid the bullish projections for Bitcoin, altcoins are taking advantage of their correlations with the coin. XRP, for instance, jumped above the $3 price level despite the U.S. Securities and Exchange Commission (SEC) filing an appeal in the Ripple lawsuit.Other digital currencies like Litecoin (LTC) have pared off previous price losses, anchoring new bullish trends on Bitcoin correlation and internal ecosystem fundamentals. If Bitcoin prices soar as high as CryptoQuant forecast, altcoins might also be the biggest beneficiaries.