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CryptoQuant Gives Three Price Targets for Bitcoin: This Could Lead to $249,000 - Coin Bulletin
**On-chain and analytics firm CryptoQuant shared its minimum, average, and maximum price predictions for Bitcoin (BTC) for this year.
Despite the setback it suffered earlier this week, Bitcoin partially maintained the $90,000 level and started to challenge $100,000 again. CryptoQuant analyst Julio Moreno said that the minimum price target for Bitcoin this year is $145,000.
If we talk about current values, this means that Bitcoin's market value will increase by $1.04 trillion. Moreno believes that in a more optimistic scenario, the market value could grow by $2.08 trillion and the price of Bitcoin could reach $197,000 by the end of the year.
In the most optimistic scenario, it is expected that the market value will increase by 4.96 trillion dollars and in this case, Bitcoin will rise to $249,000.
These factors can push Bitcoin up
CryptoQuant analyst believes that there are several different factors that can drive Bitcoin to these levels. The first of these is the expectation that more crypto-friendly regulations will be implemented in the US with Donald Trump coming to power.
Moreno, secondly, expressed the possibility of interest rate cuts by the Fed and other central banks and said that macroeconomic factors could change in favor of risky assets such as Bitcoin.
The analyst recently stated that 2024 is the final year of the four-year cycle that Bitcoin started in 2020. Historical data shows that Bitcoin generally starts gaining value after these cycles end.