CryptoQuant predicts that bitcoin price could reach $112,000 in 2024.
The worst-case scenario being $55,000 for bitcoin price, which is still a 15% increase.
CryptoQuant, a company that provides on-chain data and analysis, has made a bullish prediction for bitcoin price in 2024. The company said that bitcoin price could hit $112,000 this year if the inflows from spot exchange-traded funds (ETFs) continue at the current rate. The company also said that the worst-case scenario for bitcoin price was $55,000, which is still a 15% increase from the current level.
The prediction was based on the impact of inflows on bitcoin’s market capitalization and a ratio that measures the valuation of bitcoin. CryptoQuant’s CEO, Ki Young Ju, said that the bitcoin market has seen $9.5 billion in spot ETF inflows per month, which could boost the realized cap by $114 billion yearly.
Ki said:
“Historically, $BTC market bottoms occur at an MVRV of 0.75 and tops at 3.9. With current spot ETF inflow tr
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