BTCNaN
ETHNaN
BNBNaN
SOLNaN
XRPNaN
DOGENaN
BTCNaN
ETHNaN
BNBNaN
XRPNaN
SOLNaN
DOGENaN
Play Article AudioRead
Picture of the author
Henry Kanapi
1 week, 1 day ago

CryptoQuant CEO Sees Bitcoin Rallying Above $100,000 on the Back of ETF Inflows – Here’s His Timeline

Play Article AudioRead
The co-founder and CEO of market intelligence firm CryptoQuant thinks that Bitcoin exchange-traded funds (ETF) inflows could propel BTC to a new all-time high in the coming months.

Ki Young Ju tells his 332,900 followers on the social media platform X that in a bullish scenario, he sees Bitcoin surging above $100,000 by the end of 2024.

The analyst bases his prediction on two metrics: BTC ETF inflows and Bitcoin’s realized cap, an on-chain metric that attempts to provide a better estimate of the crypto king’s market capitalization by eliminating long-lost and unclaimed coins in the calculation.

Using BTC’s realized cap, the CryptoQuant CEO identifies the potential ceiling and floor prices for Bitcoin this year.

“Bitcoin could reach $112,000 this year driven by ETF inflows, worst-case $55,000.”

Looking closer at the on-chain metric, Ki Young Ju says Bitcoin’s realized cap currently sits at $451 billion. But he says ETF inflows could push BTC’s realized cap to more than half a trillion dollars.

“[The] Bitcoin market has seen $9.5 billion in spot ETF inflows per month, potentially boosting the realized cap by $114 billion yearly.

Even with GBTC (Grayscale Bitcoin Trust) outflows, a $76 billion rise could elevate the realized cap from $451 billion to $527-$565 billion…

With current spot ETF inflow trends, the top price could reach $104,000-$112,000.”

At time of writing, Bitcoin is trading for $48,378, up nearly 2% in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Follow us on Twitter Facebook and Telegram

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
EDITOR’S CHOICE