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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