Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) has a new six-figure price target for 2024 as institutional inflows flood the market.
In a&nbsp;fresh <a href="https://twitter.com/ki_young_ju/status/1756498625205502301" target="_blank" rel="noopener nofollow">analysis</a> on X on Feb. 11, Ki Young Ju, CEO of analytics platform CryptoQuant, predicted $112,000 per Bitcoin in 2024.
<h2 data-ct-non-breakable="true" id="bitcoin-etfs-have-power-to-send-btc-price-to-112-000">Bitcoin ETFs have power to send BTC price to $112,000</h2>
The launch of the first spot Bitcoin exchange-traded funds (ETFs) in the United States in January has opened up <a href="https://cointelegraph.com/news/bitcoin-etfs-hit-10b-milestone-just-month-after-approval">inroads for institutional capital</a>.
CryptoQuant’s Ki agrees, with his latest market forecast considering the impact of the investment on Bitcoin’s realized cap.
The realized cap reflects the aggregate price at which the BTC supply last moved. <a href="https://cryptoquant.com/asset/btc/chart/market-data/realized-cap?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">According</a> to CryptoQuant data, the ETF’s combined inflows could add another $114 billion to the existing $451 billion tally in 2024 alone.
“Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B,” Ki commented.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/bb77871f-0a50-4217-9955-17b9ee1f70ee.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Spot Bitcoin ETF holdings, Bitcoin realized cap. Source: Ki Young Ju/X
 </figcaption>
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The post referenced ongoing outflows from the Grayscale Bitcoin Trust (<a href="https://cointelegraph.com/explained/what-is-the-grayscale-bitcoin-trust">GBTC</a>), which themselves have declined considerably in the first month of its operations as a spot ETF.
Summarizing the likely price action ahead, Ki gave a “worst case” scenario figure of $55,000–$59,000.
<h2 data-ct-non-breakable="true" id="back-even-100-000-possible-before-halving">Back: “Even $100,000” possible before halving</h2>
As <a href="https://cointelegraph.com/news/bitcoin-price-forecasts-new-all-time-highs-more-2024">Cointelegraph continues to report</a>, BTC price targets for the coming year vary considerably — but bullish culminations to 2024 are hardly in short supply.
Related: <a href="https://cointelegraph.com/news/bitcoin-shorts-get-squeezed-btc-price-eyes-50k">Bitcoin shorts should brace to ‘get squeezed’ as BTC price eyes $50K</a>
April’s <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">block subsidy halving</a> is of particular interest to market observers.
In recent days, more voices have bolstered the narrative of a new all-time high potentially occurring even before the halving event, now just over two months away.
Among them is Adam Back, CEO of Bitcoin technology firm Blockstream and one of the “OG” cryptocurrency developers.
In his own X post, Back <a href="https://twitter.com/adam3us/status/1756322033544106330" target="_blank" rel="noopener nofollow">suggested</a> that BTC/USD could even break the six-figure mark sooner than broad consensus believes is possible.
“1st oct 2021 bitcoin crossed $47k like yesterday, then on it's way to the $69k ATH,” he wrote, referencing Bitcoin’s run to current all-time highs.
<blockquote data-ct-non-breakable="true">
 “That run-up took 41 days. There are 70 days to the halving. Just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

6-figure BTC price in 2024? Bitcoin analyst says $55K now ‘worst case’

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