ETF Inflows as a Driving Force
Ki Young Ju, the co-founder and CEO of CryptoQuant, believes that Bitcoin exchange-traded funds (ETF) inflows could propel Bitcoin to new heights. In a bullish scenario, he predicts that BTC could surpass $100,000 by the end of 2024.
Metrics Behind the Prediction
Ju’s prediction is based on two metrics: BTC ETF inflows and Bitcoin’s realized cap. The realized cap is an on-chain metric that aims to provide a more accurate estimate of Bitcoin’s market capitalization by excluding lost or unclaimed coins.
Potential Price Range
Using the realized cap, Ju identifies a potential ceiling and floor price for Bitcoin this year. He suggests that Bitcoin could reach $112,000 driven by ETF inflows, with a worst-case scenario of $55,000.
ETF Inflows and Realized Cap
Ju points out that the Bitcoin market has seen significant spot ETF inflows, potentially boosting the realized cap by $114 billion yearly. This could elevate the realized cap from $451 billion to $527-$565 billion.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $48,378, showing a slight increase in the last 24 hours.
Opinions expressed in this article are not intended as investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.