Bitcoin Price Forecast: Influx of ETF Investments and Surge in Cash Could Propel BTC Price to an Astonishing $112,000!
In a captivating analysis, the CEO of CryptoQuant, Ki Young Ju, has put forth an optimistic forecast for Bitcoin, suggesting that the cryptocurrency could skyrocket to an impressive $112,000 this year. Ju attributes this ambitious prediction primarily to the anticipated inflows from Exchange Traded Funds (ETFs).
Spot ETF inflows play a crucial role in this projected ascent, as highlighted by Ki Young Ju in a series of enlightening tweets. He envisions a monthly surge of $9.5 billion, which has the potential to bolster Bitcoin’s realized capitalization by a staggering $114 billion annually. This optimistic outlook hinges on the continuous stream of ETF investments, envisioning a substantial surge to $112,000 by the end of the year.
Despite the possibility of outflows from the Grayscale Bitcoin Trust (GBTC), Ju remains firmly optimistic. He predicts a noteworthy increase of $76 billion, potentially elevating the realized capitalization from the current $451 billion to a range between $527 billion and $565 billion.
An intriguing highlight is the significant Bitcoin holdings of over $3.19 billion, comprising nearly 50,000 BTC, held by investment giant BlackRock through its ETF.
Drawing on historical data, Ju emphasizes the significance of Market-Value-to-Realized-Value (MVRV) ratios. He notes that Bitcoin market bottoms historically occur at a ratio of 0.75, while market tops are observed at a ratio of 3.9.
Amidst the enthusiasm, Ki Young Ju acknowledges the uncertainty and speculates on Bitcoin’s potential price range. He suggests that the influx of funds from ETFs could drive Bitcoin’s price to soar between $104,000 and $112,000. However, a note of caution is sounded, with the possibility of a more conservative price range between $55,000 and $59,000 if excitement is tempered.
Breaking a seven-week stability streak, Bitcoin’s current weekly candlestick shows a notable gain of 12.58%. With a trading price of over $48,000, the cryptocurrency is experiencing increased activity, with the last 24-hour trading volume reaching an impressive $20.65 billion.