BTC’s potential highest price for 2024 is estimated to be $55,000, according to Ki Young Ju, CEO of QuantCrypto.
The CEO of CryptoQuant, Ki Young Ju, predicts that Bitcoin’s price could witness a significant surge this year, with the best-case scenario pushing the asset above $100,000 for the first time. However, achieving this milestone depends largely on certain developments, particularly related to the recently approved spot Bitcoin ETFs in the United States.
Since it became apparent to both the crypto community and a significant portion of the traditional financial sector that the SEC would eventually approve spot Bitcoin ETFs, there has been speculation on whether this news would trigger a “sell-the-news” event. This speculation proved to be true as BTC experienced a decline of over $10,000 in the first two weeks of ETF trading in January.
While there were debates regarding the immediate impact on BTC’s price, many experts remained optimistic about the long-term effects. According to Ki Young Ju, the CEO of CryptoQuant, the price of Bitcoin is expected to rise this year, primarily driven by inflows into the ETFs.
With a month already passed since the launch of the ETFs, Young Ju noted that BTC’s market has witnessed around “$9.5 billion in spot ETF inflows per month,” potentially increasing its realized cap by $114 billion annually.
This significant increase in market capitalization could have a substantial positive impact on BTC’s price, potentially pushing it to $112,000 this year in the best-case scenario or $55,000 in the worst-case scenario. According to CryptoQuant’s CEO, even the increasing outflows from GBTC (Grayscale Bitcoin Trust) are unlikely to have a significant negative effect:
“Even with GBTC outflows, a $76 billion rise could elevate the realized cap from $451 billion to $527-565 billion”
Ki Young Ju
The possibility of Bitcoin surpassing $100,000 has been a topic of discussion in the crypto community, with many enthusiasts expressing optimism that the asset will eventually break this barrier. Young Ju believes that the trend of ETF inflows could fuel the next major bull run, potentially leading to Bitcoin surpassing $100,000 for the first time.
The current positive sentiment in the cryptocurrency community is attributed to the MVRV ratio. Historically, the ratio suggests market bottoms at 0.75 and tops at 3.9. The current ratio stands at 2.07, indicating a potential worst-case price point for BTC of around $60,000 in the coming months.
However, considering Bitcoin’s historical price performance around and after halvings, this scenario seems unlikely, as retail investors tend to follow trends. Moreover, the fourth halving is just a couple of months away, leading to speculations on how it will impact Bitcoin’s price.