Bitcoin (BTC) has set a new six-digit price target for 2024 as capital flows from institutional investors flood the market.
in fresh analysis On February 11th, Ki Young Ju, CEO of analytics platform CryptoQuant, predicted on X (formerly Twitter) that the price per Bitcoin will reach $112,000 this year.
Bitcoin ETF has the power to drive BTC price up to $112,000
Last month, the launch of the first U.S. spot Bitcoin exchange-traded fund (ETF) opened the door for institutional investors.
CryptoQuant’s Ki agrees, providing an updated market forecast that takes into account the impact of investments on Bitcoin’s realization cap.
The realized cap reflects the total price of the last change in BTC supply.according to CryptoQuant datacombined with ETF inflows, could add an additional $114 billion to the existing $451 billion this year alone.
“The Bitcoin market has $9.5 billion in monthly spot ETF inflows, which could increase the realized cap by $114 billion annually. Even with GBTC dollar outflows, the $76 billion increase would push the realized cap to $451 billion It could rise from USD 527 billion to USD 565 billion,” Ki commented.
In this post, we mentioned continued outflows from the Grayscale Bitcoin Trust (GBTC), which itself has declined significantly in its first month of operation as a spot ETF.
Summarizing possible future price movements, Ki put the “worst case” scenario figure at $55,000 to $59,000.
Back: Possibility of “even $100,000” before halving
As Cointelegraph continues to report, BTC price targets for next year will vary widely, but there is no shortage of bullish peaks through 2024.
Related: Bitcoin shorts should prepare for ‘squeeze’ as BTC price hits $50,000
The halving of block subsidies in April is of particular interest to market participants.
In recent days, a growing number of voices have supported the theory that the stock could reach a new all-time high even before the halving event, which is just over two months away.
Among them is Adam Back, CEO of Bitcoin technology company Blockstream and one of the “OG” cryptocurrency developers.
in His own X postBuck even suggested that BTC/USD could break through six-digit levels sooner than the broader consensus thinks possible.
“October 1, 2021, Bitcoin has climbed above $47,000, same as yesterday, and is then on its way towards an ATH of $69,000,” he wrote, adding that Bitcoin is at its current high. mentioned that it has been achieved.
“We had 41 days to prepare. 70 days left until the halving. Another one on what it is like and how you can earn a new ATH or $100,000 by the halving. It’s just a data point.”
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