CryptoQuant CEO Ki Joung Ju suggested that Bitcoin could reach $112,000 by the end of this year. Despite Bitcoin’s recent surge to nearly $49,000 last week, its upward momentum halted as the new week began.
Currently, Bitcoin is trading around $48,000. Investors are closely monitoring economic data from the USA this week for further market insights.
CryptoQuant CEO Bullish on Bitcoin’s Potential
Ki Joung Ju, CEO of the prominent on-chain data provider CryptoQuant, offered a positive assessment regarding Bitcoin’s future prospects. He highlighted the potential for Bitcoin’s price to surge to $112,000 this year if the current trend of inflows into spot Bitcoin ETFs persists.
Ju further elaborated on his optimistic forecast, stating that even in the worst-case scenario, Bitcoin could reach $55,000. This target represents a potential 15% upside for Bitcoin, showcasing the CEO’s confidence in the cryptocurrency’s growth trajectory.
CryptoQuant CEO Sets Bitcoin Price Targets
The CEO of CryptoQuant established his price targets of $55,000 and $112,000 for Bitcoin based on the influence of ETF inflows on Bitcoin’s market capitalization. This metric historically indicates whether Bitcoin prices are perceived as “overvalued” or “undervalued.”
Historical Analysis
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
Additionally, the CEO pointed out historical patterns, stating that Bitcoin bottoms have historically been at 0.75, while peaks have occurred at a rate of 3.9 MVRV. With the current trends in spot ETF entries, he suggested that the highest price could potentially reach between $104,000 and $112,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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