Bitcoin Predicted to Reach $112,000 by 2024 Amid Surge in Institutional Capital
Summary:
CryptoQuant CEO, Ki Young Ju, predicts Bitcoin (BTC) could reach a six-figure value of $112,000 by 2024 due to the surge of institutional capital. This positive forecast is attributed to the launch of the first Bitcoin exchange-traded funds (ETFs) in the U.S., which may lead to an additional $114 billion inflow this year. However, despite the optimism, a "worst case" scenario could see a dip to between $55,000-$59,000. Notably, industry experts suggest a new all-time high might be reached before the block subsidy halving in April.
CryptoQuant CEO, Ki Young Ju, has anticipated that with the inflow of institutional capital, Bitcoin (BTC) could reach a value of $112,000 per unit in 2024. This projection was shared on X, formerly known as Twitter, earlier this month. The first ever Bitcoin exchange-traded funds (ETFs) were launched in the United States, thus creating new opportunities for institutional engagement. The effect of these investments on Bitcoin's realized cap, a measure of the cumulative price at which the BTC supply was last in circulation, is a significant factor in Ki's market forecast. Based on CryptoQuant's data, the launch of the ETFs could lead to additional inflows of $114 billion to the already existing $451 billion this year. However, Ki Young Ju also took into consideration the ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which have remarkably reduced since GBTC started operating as a spot ETF. His estimate for a "worst-case scenario" is a dip to between $55,000-$59,000. Meanwhile, Bitcoin's price predictions for the next year vary widely, with plenty predicting a bullish 2024. Of note is the potential impact of the upcoming subsidy halving of blocks in April. Some market analysts, including Blockstream CEO Adam Back, have suggested that we might see another all-time high before this halving event. Back argues that BTC/USD could even surpass the widely-held belief of a six-figure value much sooner. He cites past performance as an indication, noting that there is still time before the halving for a new all-time high or even $100,000 to occur. However, this article does not offer investment advice, and risk is inherent in any investment and trading move, so readers should carry out their own research before reaching any decisions.
Published At
2/11/2024 5:10:00 PM
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