According to CryptoQuant CEO Ki Young Ju, the price of the leading cryptocurrency could reach $112,000 in 2024.
Ju notes significant investor interest in spot #bitcoin-ETFs, resulting in a steady inflow of funds into cryptocurrency investment products. Such capital inflows have the potential to increase the sector's total market capitalization by $114 billion per year.
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ulpic.twitter.com/jBn6HWpt9b — Ki Young Ju (@ki_young_ju) February 11, 2024
Despite potential outflows from the #Grayscale Investments cryptocurrency fund, Ju believes that bitcoin will still experience significant growth.
He predicts that if the current trend continues, the value of the asset could reach $112,000 by 2024. However, Ju also considers a "worst-case scenario" in which the value of bitcoin will rise to $55,000.
Ju arrived at these predictions by analyzing the impact of asset inflows on #bitcoin's market capitalization and using a metric coefficient that historically shows whether an asset is overvalued or undervalued.
