- The CEO of CryptoQuant said that the first cryptocurrency could reach a price of $112,000.
- The expert associates the possible increase in the Bitcoin rate with the influx of funds into cryptocurrency ETFs.
- In the “worst-case scenario,” the value of the asset in 2024 will reach $55,000.
In 2024, the rate of the first cryptocurrency could rise to $112,000, says the CEO of CryptoQuant, Ki Young Ju.
The expert notes the high interest in spot Bitcoin ETFs from investors. This contributes to a constant influx into cryptocurrency funds, the entrepreneur emphasizes.
Joo points to monthly financial injections into investment products of $9.5 billion. The fixed indicator potentially increases the realized capitalization of the sector to $114 billion per year. Even taking into account the outflow from the Grayscale Investments cryptocurrency fund, Bitcoin will receive a significant impetus for growth, the expert believes.
If this trend continues, the asset price will rise to $112,000 in 2024, Joo admits. At the same time, the CEO of CryptoQuant considers the “worst case scenario” to be an increase in the cost of Bitcoin to $55,000.
Ju obtained these options while analyzing the impact of asset inflows on the market capitalization of Bitcoin and the metric coefficient that historically indicates that its value is “overvalued” or “undervalued.”
Let’s remember that we wrote that spot Bitcoin ETFs from BlackRock and Fidelity are ahead of GBTC in terms of liquidity.