CryptoQuant CEO Predicts Bitcoin Surge Above $100,000 Driven by ETF Inflows
The co-founder and CEO of market intelligence firm CryptoQuant believes that the introduction of Bitcoin exchange-traded funds (ETFs) could push the price of BTC to a new all-time high. According to Ki Young Ju, in a bullish scenario, Bitcoin could surge above $100,000 by the end of 2024.
Metrics for Prediction
Ki Young Ju bases his prediction on two key metrics: BTC ETF inflows and Bitcoin’s realized cap. The realized cap is an on-chain metric that provides a more accurate estimate of Bitcoin’s market capitalization by excluding lost and unclaimed coins from the calculation.
Potential Price Range
Using Bitcoin’s realized cap, the CryptoQuant CEO identifies the potential ceiling and floor prices for this year. He states that Bitcoin could reach $112,000 driven by ETF inflows, with a worst-case scenario of $55,000.
Influence of ETF Inflows
Looking at the on-chain metric, Ki Young Ju notes that Bitcoin’s current realized cap is $451 billion. However, he suggests that ETF inflows could push this figure beyond half a trillion dollars. With monthly spot ETF inflows of $9.5 billion, the realized cap could increase by $114 billion annually.
Potential Price Targets
Even considering outflows from GBTC (Grayscale Bitcoin Trust), a rise of $76 billion could elevate the realized cap from $451 billion to $527-$565 billion. Based on current spot ETF inflow trends, Ki Young Ju estimates that the top price range for Bitcoin could reach $104,000-$112,000.
Current Bitcoin Price
As of now, Bitcoin is trading at $48,378, experiencing a nearly 2% increase in the last 24 hours.
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