Franklin

Bitcoin

<p class="is-style-lead">The price of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) could reach $112,000 as early as 2024, according to CryptoQuant.</p> 
<p>CryptoQuant CEO Ki Young Ju believes the current trend of inflows related to spot exchange-traded funds (ETFs) will continue. He said the “worst case scenario” for Bitcoin would be at least $55,000, or almost 15% higher than prices on Monday, Feb. 12. The targets were set based on the impact of inflows on Bitcoin’s market capitalization and a metric ratio that historically indicated whether prices were “overvalued” or “undervalued.”</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> could reach $112K this year driven by ETF inflows, worst-case $55K.<a href="https://t.co/HrkV3TU8Ul" target="_blank">https://t.co/HrkV3TU8Ul</a> <a href="https://t.co/jBn6HWpt9b" target="_blank">pic.twitter.com/jBn6HWpt9b</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1756498625205502301?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>At the same time, the BTC market has seen an influx of spot ETFs of $9.5 billion per month, potentially increasing the realized limit by $114 billion, Ki Young Ju pointed out.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B.”</p> <cite>Ki Young Ju, CryptoQuant CEO</cite>
</blockquote> 
<p>The CryptoQuant CEO also noted that the ratio tracking Bitcoin’s market capitalization to realized capitalization potentially marks a top for Bitcoin between $104,000 and $112,000. At these prices, the ratio would reach 3.9, a level that has&nbsp;historically marked price tops.</p> 
<p>Just a month after launch, the nine leading spot Bitcoin exchange-traded funds (<a href="https://crypto.news/tag/etf/">ETFs</a>) <a href="https://twitter.com/VetleLunde/status/1755876912205857016" target="_blank" rel="noreferrer noopener">have surpassed</a> 200,000 BTC, or $9.5 billion in assets. The nine Bitcoin ETFs include <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="noreferrer noopener">BlackRock</a> (IBIT), <a href="https://crypto.news/tag/Fidelity/" target="_blank" rel="noreferrer noopener">Fidelity</a> (FBTC), <a href="https://crypto.news/tag/Bitwise/" target="_blank" rel="noreferrer noopener">Bitwise</a> (BITB), Ark 21Shares (ARKB), Invesco (BTCO), <a href="https://crypto.news/tag/VanEck/" target="_blank" rel="noreferrer noopener">VanEck</a> (HODL), <a href="https://crypto.news/tag/Valkyrie/" target="_blank" rel="noreferrer noopener">Valkyrie</a> (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW). They own almost 1% of 21 million Bitcoins, more than MicroStrategy, <a href="https://crypto.news/tag/Tether/" target="_blank" rel="noreferrer noopener">Tether</a>, and all public Bitcoin miners combined.</p> 
<p> You might also like: <a href="https://crypto.news/valkyrie-predicts-fewer-bitcoin-etf-issuers-year-end/"> Valkyrie exec predicts fewer Bitcoin ETF issuers by year-end </a> </p>

Bitcoin ETFs flows could bring BTC to $112k price, CryptoQuant suggests

crypto.news

Other articles published on Feb 12, 2024

Bitcoin Gains Ground with Institutional Investors

THORChain (RUNE) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Franklin Templeton Enters Spot Ether ETF Pursuit Alongside Ark and BlackRock

Gala (GALA) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Puffer Finance’s LSD Protocol Surpasses $850 Million in Total Value Locked

CoinShares Distributes ETH Staking Yields to ETP Clients; New AI Crypto Draws Attention of Top Wh...

Join our free newsletter for daily crypto updates!