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The price of Bitcoin (BTC) could reach $112,000 as early as 2024, according to CryptoQuant.
CryptoQuant CEO Ki Young Ju believes the current trend of inflows related to spot exchange-traded funds (ETFs) will continue. He said the “worst case scenario” for Bitcoin would be at least $55,000, or almost 15% higher than prices on Monday, Feb. 12. The targets were set based on the impact of inflows on Bitcoin’s market capitalization and a metric ratio that historically indicated whether prices were “overvalued” or “undervalued.”
#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
At the same time, the BTC market has seen an influx of spot ETFs of $9.5 billion per month, potentially increasing the realized limit by $114 billion, Ki Young Ju pointed out.
“Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B.”
Ki Young Ju, CryptoQuant CEO
The CryptoQuant CEO also noted that the ratio tracking Bitcoin’s market capitalization to realized capitalization potentially marks a top for Bitcoin between $104,000 and $112,000. At these prices, the ratio would reach 3.9, a level that has historically marked price tops.
Just a month after launch, the nine leading spot Bitcoin exchange-traded funds (ETFs) have surpassed 200,000 BTC, or $9.5 billion in assets. The nine Bitcoin ETFs include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW). They own almost 1% of 21 million Bitcoins, more than MicroStrategy, Tether, and all public Bitcoin miners combined.