Cryptoquant Founder Predicts Bitcoin (BTC) Price Will Never Plummet to This Level

Ki Young Ju has conducted an intriguing analysis that draws a captivating comparison between the current trajectory of Bitcoin and the historical behavior of gold following the introduction of Exchange-Traded Funds (ETFs). The introduction of the Gold ETF (GLD) on the NYSE in 2004, with an initial price of approximately $444, marked a significant milestone in making gold investments more accessible to both institutional and retail investors.

As gold became more accessible through the ETF, institutional investors flocked to the market, investing substantial amounts of money in the precious metal. Ki Young Ju’s analysis suggests that Bitcoin’s recent approval of its first spot ETF in January 2024, when its price was $46,376, could have a similar impact on Bitcoin’s price dynamics.

Drawing on historical trends in the gold market, Ju argues that the introduction of spot Bitcoin ETFs could lead to sustained interest from institutional investors and a considerable influx of investment. This, in turn, could establish a price floor for Bitcoin, similar to what occurred with gold.

Looking ahead, Bitcoin is currently trading at $66,964, experiencing a significant increase since the SEC approved 11 spot BTC ETFs in January. This surge in price, combined with the ongoing accumulation of Bitcoin by ETF issuers, has created a shortage in the market. On average, ETF issuers are accumulating around 10,000 BTC, which is significantly higher than the daily mining output of approximately 900 BTC. This supply and demand imbalance, coupled with the anticipation surrounding the upcoming Bitcoin halving event, could potentially drive Bitcoin’s price to new heights in the future.

In conclusion, Ki Young Ju’s analysis sheds light on Bitcoin’s potential price floor and the impact that ETF listings can have on the cryptocurrency market. While the trajectory of Bitcoin’s price remains uncertain, the insights provided by experts like Ju offer valuable perspectives for investors and enthusiasts alike.