CryptoQuant CEO predicts Bitcoin surge to $112,000 in 2024
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CryptoQuant CEO predicts Bitcoin surge to $112,000 in 2024
In the ever-evolving world of cryptocurrency, Bitcoin (BTC) remains a mainstay for investors and enthusiasts alike. Given their volatile nature, understanding the factors that influence price movements is important for making informed decisions. Our latest analysis based on historical trends and current market indicators provides insight into potential future scenarios for BTC price this year. Joo Ki-young, CEO of cryptocurrency analysis firm CryptoQuant, believes Bitcoin will reach new levels before the end of the year.
CryptoQuant CEO: Spot ETF Could Drive Bitcoin Price to All-Time Highs
This forecast is based on the Market Value to Realized Value (MVRV) metric, which compares Bitcoin’s current market value to its realized value, providing insight into whether the cryptocurrency asset is overvalued or undervalued relative to its past performance.
CryptoQuant CEO decided At X (formerly Twitter), BTC market bottoms have historically occurred when the MVRV ratio reaches around 0.75. This suggests that Bitcoin is considered undervalued at this point, potentially providing investors with a buying opportunity. Conversely, market highs typically occur when the MVRV ratio reaches around 3.9, indicating that Bitcoin is overvalued and could potentially signal a price correction.
Using this indicator, Juyoung Ki believes that BTC is positioned to achieve its expected prices of $104,000 and $112,000 due to current interest in spot Bitcoin exchange-traded funds (ETFs). However, these numbers can only be achieved if current ETF inflows continue, indicating continued bullish sentiment among investors.
Spot ETFs previously only had futures contracts but have recently been introduced to the US market. As of Thursday, a total of $9 billion had flowed into the 11 investment products approved by the Securities and Exchange Commission (SEC) so far.
Joo Ki-young also predicted that if BTC maintains its current MVRV level of 2.07 without the influence of hype and speculative fever, the cryptocurrency asset is likely to reach between $55,000 and $59,000 this year.
Historically, $BTC The market low occurs at MVRV 0.75 and the market high occurs at 3.9.
Based on current spot ETF inflow trends, peak prices could reach $104k-$112k.
If we maintain the current level of 2.07 without the hype, the price will be $55-59,000. pic.twitter.com/RqphTGYroX
— Kiyoung Ki (@ki_young_ju) February 11, 2024
According to data from CoinMarketCap, BTC is currently trading at around $48,330, up 12.65% over the past seven days.
Analysts are bullish on Bitcoin.
In addition to Joo Ki-young’s optimistic outlook on Bitcoin, there are other analysts and industry executives who share positive sentiments about the cryptocurrency asset. Markus Thielen, Head of Research at Matrixport, recently predicted that BTC could reach $48,000, due to a potential surge during the Chinese New Year. Thielen based his prediction on Bitcoin’s historical performance during the Chinese festival.
Likewise, in January, Anthony Scaramucci, CEO of alternative investment firm SkyBridge Capital, predicted that BTC could reach $69,000 by the end of the year.
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CryptoQuant CEO predicts Bitcoin surge to $112,000 in 2024
Source: https://www.coinspeaker.com/cryptoQuant-ceo-bitcoin-112000-2024/
