Monday, October 7, 2024
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CryptoQuant: Bitcoin could reach $112,000 amid influx of funds into spot Bitcoin ETFs

In 2024, the rate of the first cryptocurrency could rise to $112,000, says the CEO of CryptoQuant, Ki Young Ju.

The expert notes the high interest in spot Bitcoin ETFs from investors. This contributes to a constant influx into cryptocurrency funds, the entrepreneur emphasizes.

Ju points to monthly financial injections into investment products of $9.5 billion. The recorded figure potentially increases the realized capitalization of the sector to $114 billion per year. Even taking into account the outflow from the Grayscale Investments cryptocurrency fund, Bitcoin will receive a significant impetus for growth, the expert believes.

If this trend continues, the asset price will rise to $112,000 in 2024, Joo admits. At the same time, the CEO of CryptoQuant considers the “worst case scenario” to be an increase in the cost of Bitcoin to $55,000.

Ju obtained these options while analyzing the impact of asset inflows on the market capitalization of Bitcoin and the metric coefficient that historically indicates that its value is “overvalued” or “undervalued.”

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Source INCRYPTED
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