Bitcoin Price Could Reach $112,000 by 2024, Says CryptoQuant CEO
A recent hypothesis published by CryptoQuant suggests that the price of Bitcoin could potentially reach up to $112,000 by 2024, driven by the introduction of ETFs. According to the founder and CEO of CryptoQuant, Ki Young Ju, the hypothesis is based on the trend of the realized cap, which estimates the total cost of purchasing all existing BTC. The current realized cap of Bitcoin is approximately $451 billion, with an average purchase price of $23,000. However, with the introduction of ETF inflows and potential outflows from Grayscale’s ETF, the realized cap could increase to $527-565 billion, resulting in a higher Bitcoin price ranging from $55,000 to $112,000.
The Role of ETFs and Grayscale’s Optimism
One significant difference in this year’s market compared to previous halvings is the presence of Bitcoin spot ETFs on US stock exchanges. Since their launch on January 11th, these ETFs have experienced substantial inflows of new capital. If these inflows continue throughout 2024 at a rate of $9.5 billion per month, it is projected that the price of Bitcoin could reach a minimum of $55,000. Additionally, Grayscale has expressed optimism about Bitcoin’s future price due to reduced selling pressure from miners and increased interest in native Bitcoin-based applications. This positive outlook aligns with CryptoQuant’s hypothesis and supports the idea of a potential price increase during the halving year.
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