This CEO now sees Bitcoin (BTC) surge to $100K primarily based on the increasing ETF inflows, sources report.
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, reports The Daily Hodl.
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.”
Bitcoin (BTC) is currently trading at $50,000 at the time of this publication.
For more crypto news and updates like this, opt-in for push notifications or join the popup newsletter.
Also Read: How To Invest In Bitcoin Cryptocurrency For Beginners
Other Crypto News Today
Bitcoin will now surge to $200,000 in 2025 says pseudonymous analyst Dave the Wave, per his crypto market data.
“BTC just shy of $200,000 in 2025 based on this prediction,” he stated to his 144,400 followers on social media.
He bases the estimate on Bitcoin’s logarithmic monthly moving average convergence divergence (LMACD), a long-term momentum indicator, as well as Fibonacci extension levels, which keep track of potential areas of support and resistance, reports The Daily Hodl.
Looking at his chart, the trader suggests the LMACD indicator is showing BTC has reached a market bottom and is in an uptrend that will reach nearly $200,000 by October 2025.
The trader also uses his version of logarithmic growth curves (LGCs), which aim to forecast Bitcoin’s market cycle highs and lows while filtering out short-term volatility.
“BTC solid and sideward within the range so far.”
According to the trader’s chart, the LGC’s support levels could be tested at the longer-term end of the channel near $30,000 or potentially at $38,000 if its shorter ascending channel stays intact.
The trader believes that the logarithmic chart accurately provides a longer-term view of Bitcoin’s price action.
“It really is astounding the effect time has on our perceptions – just three years ago the current BTC price in the $40,000 range was blowing everyone’s mind, where today it is thought all a bit passé.
This has something I think to do with ‘time preference’, where those with a high-time preference are very much focused on the present (present-minded), while those with the low on the future (a more ‘elastic’ frame of mind).”
Bitcoin (BTC) is currently trading at $45,163 at the time of this publication.
For more daily crypto news and updates like this, opt-in for push notifications or join the popup newsletter.
Also Read: Crypto Investors Now See Bitcoin (BTC) Surging to Whopping $100K
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more crypto news and updates like this, opt-in for push notifications or join the popup newsletter.