Crypto News

This company predicts Bitcoin price to reach $112,000 in 2024

This company predicts Bitcoin price to reach $112,000 in 2024

A company called CryptoQuant, which offers on-chain data and analysis, has projected the price of Bitcoin (BTC) to rise sharply by 2024.

According to the company, if the inflows from spot Bitcoin exchange-traded funds (ETFs) continue at the current pace, the price of BTC could reach $112,000 this year. The firm added that the worst-case price for BTC is $55,000, still a 15% rise over its current value.

The forecast was based on how inflows affected the market cap of BTC and a ratio that gauges its valuation.

According to Ki Young Ju, CEO of CryptoQuant, spot Bitcoin ETF inflows into the Bitcoin market have reached $9.5 billion per month, potentially increasing the realized cap by $114 billion annually.

Since their debut almost a month ago, Bitcoin ETFs have amassed more than 192,000 bitcoins in holdings as of this Friday.

This indicates a sharp rise in interest in bitcoin, which may eventually lead to a price increase. Additionally, investors find spot ETFs more enticing than futures-based ETFs due to their lower fees and risks.

The price of Bitcoin (BTC) has just surpassed $50,000 for the first time since December 2021.

Tags

Nola Robert is considered a thought leader in crypto industry, and her work is widely read and respected by industry professionals, investors, and enthusiasts alike. Nola is also known for her ability to explain complex topics in an easy-to-understand manner, making them accessible to a wider audience.