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Cryptocurrency expert Ki Young Ju predicts a substantial surge of about 160% in Bitcoin's value, offering two potential scenarios.
The two scenarios are: a bullish rise to $112,000 or a more conservative estimate around $55,000, based on Bitcoin’s price of approximately $47,100 on February 8.
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
The latest data puts Bitcoin at $48,070, impacting the projected price ranges. Ki Young Ju’s optimism aligns with veteran trader John Bollinger, who cites ETF introductions and the upcoming BTC halving as bullish factors.
Ki Young Ju’s forecast is supported by significant inflows into spot Bitcoin ETFs since gaining SEC approval, totaling $9.5 billion within a month.
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sNotable inflows include BlackRock, Fidelity, and Ark 21Shares ETFs. Despite Grayscale’s outflows, recent figures show improvement, with GBTC recording $51.8 million in outflows.
Speculation surrounds shifts in investor sentiment and evolving market conditions.
This surge in Bitcoin ETF interest reflects a growing confidence in digital assets as investment vehicles, further shaping the landscape of cryptocurrency markets.