Bitcoin is now eyeing a lofty six-figure price target for 2024 amidst a surge in institutional investment pouring into the market.
In a recent analysis posted on X (formerly Twitter) on February 11, Ki Young Ju, CEO of analytics platform CryptoQuant, forecasted a staggering $112,000 per bitcoin for this year.
The introduction of the United States’ inaugural spot Bitcoin exchange-traded funds (ETFs) last month has paved the way for institutional funds to flow in.
Ki Young Ju concurs, with his latest market projection taking into account the impact of these investments on Bitcoin’s realized cap.
Realized cap indicates the collective price at which the BTC supply last changed hands.
As per CryptoQuant data, the combined inflows from ETFs could potentially inject an additional $114 billion into the existing $451 billion tally for this year alone.
“The Bitcoin market has witnessed $9.5 billion in spot ETF inflows per month, potentially elevating the realized cap by $114 billion annually.
Even with outflows from $GBTC, a $76 billion increase could push the realized cap from $451 billion to $527-565 billion,” remarked Ki.
The analysis also referred to the ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which have notably decreased in the first month since its transition to a spot ETF.
Summing up the anticipated price movements, Ki provided a “worst-case” scenario range of $55,000 to $59,000.
READ MORE: Boosting Your Cryptocurrency’s Brand Before the 2024 Halving
BTC price projections for the upcoming year vary considerably, with bullish outlooks dominating the discourse for 2024.
Market observers are particularly intrigued by the block subsidy halving scheduled for April.
In recent discussions, more voices have lent credence to the possibility of a new all-time high occurring even before the halving event, now just over two months away.
Adam Back, CEO of Bitcoin technology firm Blockstream and a prominent cryptocurrency developer, expressed his views on X, hinting that BTC/USD could potentially surpass the six-figure milestone sooner than the consensus anticipates.
“On October 1st, 2021, Bitcoin surged past $47k as if it were yesterday, then proceeded to reach the $69k all-time high,” he wrote, alluding to Bitcoin’s recent surge to record highs.
“That upward trajectory took 41 days. With 70 days left until the halving, it’s just another indicator of what’s possible, and how we might see a new all-time high or even $100k before the halving.”
Discover the Crypto Intelligence Blockchain Council
