Home Bitcoin News Bitcoin Price Projection: A Bullish Surge to $112,000 in 2024, Crypto Analytics CEO Forecasts

Bitcoin Price Projection: A Bullish Surge to $112,000 in 2024, Crypto Analytics CEO Forecasts

In the ever-evolving landscape of the cryptocurrency market, Bitcoin continues to command attention, and the latest analysis by CryptoQuant’s CEO, Ki Young Ju, is making waves with a bold prediction. According to Ju, Bitcoin could experience a monumental surge, reaching an impressive $112,000 per unit by the close of 2024. This ambitious forecast takes into account the recent debut of the United States’ inaugural spot Bitcoin exchange-traded funds (ETFs), a development that has opened the floodgates for institutional capital to enter the market.

Institutional Inflows and Market Impact:

Ki Young Ju’s analysis delves into the substantial inflows from these ETFs, emphasizing their potential to significantly impact Bitcoin’s realized market capitalization. The data suggests that the combined monthly inflows of $9.5 billion from spot ETFs could contribute a staggering $114 billion annually to the existing $451 billion market cap. This infusion of capital has the potential to elevate Bitcoin’s realized cap from $451 billion to an impressive range of $527-565 billion.

“Bitcoin market has seen $9.5 billion in spot ETF inflows per month, potentially boosting the realized cap by $114 billion yearly. Even with outflows from the Grayscale BTC Trust (GBTC), a $76 billion rise could elevate the realized cap from $451 billion to $527-565 billion,” commented Ki.

Declining GBTC Outflows:

The analysis also highlights a significant decrease in outflows from the Grayscale Bitcoin Trust (GBTC) since the introduction of spot ETFs. The GBTC was once a favored investment vehicle for institutional investors before the availability of spot ETFs. The diminishing outflows suggest a shift in preference towards these newly introduced investment options.

As of the latest market data, Bitcoin (BTC) is trading at $48,108, marking a marginal 0.3% decrease in the last 24 hours. However, it has sustained a notable 13.7% increase over the past seven days, according to Coingecko.

BTC Price Surge: Anticipating Six-Figure Territory:

Ki Young Ju’s prediction aligns with a broader sentiment among experts, hinting at Bitcoin’s potential to surge even before the highly anticipated block subsidy halving scheduled for April. Adam Back, the CEO of Blockstream, a prominent Bitcoin technology firm, believes that Bitcoin could not only reach new all-time highs but potentially surpass the six-figure mark ahead of expectations.

“Bitcoin crossed $47,000 on October 1, 2021, and then went on to reach its all-time high of $69,000. That run-up took 41 days. With 70 days remaining until the halving, it’s another data point indicating that we may witness a new ATH or even $100,000 before the halving,” stated Back.

These bullish forecasts underscore the growing confidence among industry figures and analysts. However, it is crucial to approach such predictions with caution, given the inherent volatility and unpredictability of the cryptocurrency market. Bitcoin’s trajectory in 2024 will likely be influenced by various factors, including market sentiment, regulatory developments, and overall market conditions.

Investors and enthusiasts are eagerly awaiting further developments to see if these optimistic projections materialize. As Bitcoin continues to captivate the financial world, its potential for significant value appreciation remains a focal point of interest and discussion within the cryptocurrency community.

Read more about:
Share on

dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Rate this article 0 / 5. 0

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.