The Price of Bitcoin Could Reach $112,000 by 2024
The price of Bitcoin (BTC) could reach $112,000 as early as 2024, according to CryptoQuant. The CEO of CryptoQuant, Ki Young Ju, believes that the current trend of inflows related to spot exchange-traded funds (ETFs) will continue. He states that even the “worst case scenario” for Bitcoin would be at least $55,000, which is almost 15% higher than current prices. These targets are based on the impact of inflows on Bitcoin’s market capitalization and a metric ratio that historically indicates whether prices are “overvalued” or “undervalued.”
Influx of Spot ETFs in BTC Market
At the same time, the BTC market has seen an influx of spot ETFs totaling $9.5 billion per month. This influx has the potential to increase the realized limit by $114 billion. Ki Young Ju highlights that even with outflows from GBTC amounting to $76 billion, the realized cap could still rise from $451 billion to $527-565 billion.
Ratio Tracking Bitcoin’s Market Capitalization
The CEO also notes that the ratio tracking Bitcoin’s market capitalization to realized capitalization potentially indicates a top for Bitcoin between $104,000 and $112,000. If these prices are reached, the ratio would reach 3.9, a level that has historically marked price tops.
Leading Spot Bitcoin ETFs Surpass 200,000 BTC
Just a month after launch, the nine leading spot Bitcoin exchange-traded funds (ETFs) have amassed over 200,000 BTC, equivalent to $9.5 billion in assets. These ETFs include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). Together, they own almost 1% of the total 21 million Bitcoins, surpassing the holdings of MicroStrategy, Tether, and all public Bitcoin miners combined.
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