Analytics Platform CEO Predicts $112,000 Bitcoin Price This Year

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Last Updated on 12 February 2024 by CryptoTips.eu

As Bitcoin continues to rise, there is growing interest in it with an analyst predicting the price for Bitcoin before the year ends. Earlier also Cathie Wood and Peter Brandt were bullish on the BTC price.

Ki Young Ju, the CEO of analytics platform CryptoQuant, predicts that Bitcoin could reach a Bitcoin price of $112,000 per BTC by the end of the year 2024. 

His analysis was based on the recent launch of the United States’ first spot Bitcoin Exchange Traded Fund (ETF), which has opened the way for institutional capital to flood the market.

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Will Bitcoin hit six figures in 2024? 

Ki Young Ju believes that the recent combined inflows from these ETFs will have a substantial effect on the crypto market capitalization. The data suggest that the ETF’s inflow could add $114 billion to the existing $451 billion market cap, resulting in a $565 billion market cap.

The CryptoQuant CEO tweet also highlights the current declining inflow from the Grayscale Bitcoin Trust (GBTC), which has drastically reduced since the ETF’s introduction. 

The GBTC was a popular investment means for institutional investors before the ETFs became available, which indicates that this is a preferred option for institutional investors.

Other prediction on Bitcoin hitting six figures in 2024

Other experts are suggesting that Bitcoin could surge even before the anticipated Bitcoin halving in April. 

Adam Back, the CEO of Blockstream, a Bitcoin technology firm and a popular cryptocurrency developer, believes that Bitcoin could hit new all-time highs or even surpass $100,000 sooner than expected.

All these bullish predictions for Bitcoin and other cryptocurrencies highlight the growing confidence among crypto experts and analysts, including industry figures. However, it’s essential to approach these predictions cautiously, as the market is known for its volatility and unpredictability.

And the market is influenced by many factors, including regulatory development, market conditions and market sentiment. Experts and investors are watching for further developments to see if their forecasts and predictions will become a reality.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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