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.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
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.
