"Bitcoin Price Potential to Reach $112,000 According to CryptoQuant"
According to CryptoQuant, the price of Bitcoin (BTC) could reach $112,000 by 2024. CryptoQuant CEO Ki Young Ju believes that the current trend of inflows related to exchange-traded funds (ETFs) will continue. He said the "worst case scenario" for Bitcoin would be at least $55,000, or nearly 15% higher than the price on Monday, February 12. These targets are set based on the impact of inflows on Bitcoin's market capitalization and the ratio of metrics that historically indicate whether prices are "too high" or "too low."
At the same time, the BTC market has seen spot ETF inflows of $9.5 billion per month, potentially increasing the cap hit by $114 billion, as revealed by Ki Young Ju.
The CryptoQuant CEO also noted that Bitcoin's tracking ratio of market cap to potential realized capital marks a peak for Bitcoin between $104,000 and $112,000. At this price, the ratio would reach 3.9, a level that historically marks a price peak.
Just one month after launch, nine leading spot Bitcoin ETFs have passed 200,000 BTC, or $9.5 billion in assets. The nine Bitcoin ETFs include BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW ). They own nearly 1% of 21 million Bitcoins, more than MicroStrategy, Tether, and all public Bitcoin miners combined.
