Bitcoin could reach $112,000! CryptoQuant CEO Reveals Inside Information About ETFs and History-Making Trends
Post Bitcoin Could Reach $112,000! CryptoQuant CEO Talks Insider Tips on ETFs and History-Making Trends appeared first on Coinpedia
CryptoQuant CEO Joo Ki-Young Ju presented a compelling analysis suggesting that Bitcoin could experience a notable surge to $112,000 this year, largely driven by inflows into Exchange Traded Funds (ETFs). However, Ju also highlighted the impact of spot ETF inflows on the cryptocurrency market, outlining a worst-case scenario of $55,000.
Bitcoin Boost with ETFs
In a series of insightful tweets on
#Bitcoin could reach $112,000 this year due to ETF inflows, or $55,000 in worst case scenario. https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b — Ki Young-ju (@ki_young_ju) February 11, 2024
These regular inflows have the power to boost Bitcoin’s realized capitalization to an astonishing $114 billion per year. In particular, Ju predicts that this steady flow of ETF investments could push Bitcoin to an impressive $112,000 by the end of the year.
Resilience despite $GBTC outflow
Despite the potential outflow of Grayscale Bitcoin Trust ($GBTC), Ju remains bullish. He expects a notable increase of $76 billion, with realized capital potentially increasing from the current $451 billion to between $527 billion and $565 billion.
The #Bitcoin market is likely to see spot ETF inflows of $9.5 billion per month, increasing the annual realized cap by $114 billion. Even if GBTC outflows by $76 billion, the $76 billion increase could raise the realization limit from $451 billion to $52.7-565 billion. pic.twitter.com/b7iFCIbGVP — Kiyoung Ki (@ki_young_ju) February 11, 2024
What’s interesting is that investment giant BlackRock’s Bitcoin holdings through ETFs amount to about 50,000 BTC (totaling over $3.19 billion).
Historical MVRV Ratio
Ju also utilized historical data to point out that Bitcoin market bottoms have historically occurred at a market value-to-realized value (MVRV) ratio of 0.75. In contrast, market peaks are observed at a ratio of 3.9.
What could happen next?
Meanwhile, Youngjoo Ki speculates that all this money coming in from ETFs could push the price of Bitcoin very high, between $104,000 and $112,000. But if you don’t get too excited, you can still get a good price, probably going for between $55,000 and $59,000.
Bitcoin Target $52000
Bitcoin price is moving after being stable for 7 weeks. Currently, the weekly BTC candlestick is showing an uptrend of 12.58% and looks set to end on a positive note.
Currently, Bitcoin is trading above $48,000, and the amount of Bitcoin traded in the last 24 hours has reached $20.65 billion, showing an upward trend.
