- Bitcoin is in active price discovery amid multiple ATH records.
- Top analyst presents a bullish scenario that might push BTC price to a high of $262,000 to $1.15 million.
Bitcoin (BTC) now inches towards the $100,000 mark, with the price currently forming support at the $98,000 level. Speculations regarding a potential parabolic rate are heating up as Bitcoin hits $100,000 on the Chicago Mercantile Exchange platform.
CryptoQuant Bitcoin Proposition
Ki Young Ju, a prominent crypto analyst and CEO of CryptoQuant, has provided an intriguing take on Bitcoin’s price trend. Ju posted a chart in an X post that showed BTC’s progressive pattern from 2017 to 2020. Ki Young Ju highlighted two possible scenarios when analyzing the chart.
#Bitcoin parabolic bull scenario during price discovery https://t.co/ARK79Kz2ti pic.twitter.com/VPi0mFZXmz
— Ki Young Ju (@ki_young_ju) November 22, 2024
The first possibility is that Bitcoin’s price may continue the 2017 pattern. In this case, the all-time high could rally to $1.15 million, a 1,050% increase from the current price. The second option is for Bitcoin’s price to follow the 2020 pattern. The next historical high for the leading cryptocurrency is likely $262,000 per BTC, representing a 160% run from the current level.
The CryptoQuant analyst sees these scenarios as a parabolic bull run for Bitcoin. Accordingly, the anticipated market capitalization of Bitcoin will range from $22.76 trillion at its highest to $5.18 trillion at its lowest. In either case, BTC will instantly become one of the most expensive assets in the world. The leading coin may surpass Gold, whose market capitalization is currently estimated at $18.125 trillion.
As Bitcoin enters its potential parabolic bull run, the market has questioned whether the projected growth is realistic. Factors like global economic conditions, market sentiment, and unpredictable events could influence Bitcoin’s price trajectory. At press time, BTC was trading at $98,933, up 1.16% in the last 24 hours, with a market cap of $1.9 trillion.
Soaring BTC Institutional Interest
The BTC price surge coincides with increased institutional interest in the leading digital asset. CNF reported that Nasdaq Inc. has introduced Options on BlackRock’s Exchange-Traded Fund (ETF) product.
Market participants have speculated that the listing could spur Bitcoin to reach the $200,000 mark.
Meanwhile, the US spot Bitcoin ETFs recently hit a key milestone of $7.22 billion daily trading volume, per a CNF report. This trade surge fits the coin’s recent trajectory, driven by positive crypto sentiment after the U.S. election.
Furthermore, Farside Investors data revealed that US spot Bitcoin ETFs recorded four consecutive days of inflows after a two-day outflow streak.
On Thursday, November 21, the spot BTC ETFs recorded total daily inflows of over $1 billion, setting a new record high. BlackRock’s Bitcoin ETF (IBIT) led the charge with inflows of $609 million.
Fidelity’s FBTC came second with $301 million in inflows, followed by Bitwise’s BITB with $68 million. Other firms with inflows include Ark Invest, Franklin Templeton, VanEck, and Grayscale Investments.
