CryptoQuant CEO Ki Young Ju offered a compelling analysis, suggesting that Bitcoin could experience a remarkable surge to $112,000 this year, primarily driven by inflows from Exchange Traded Funds (ETFs). However, Ju also outlined a worst-case scenario of $55,000, emphasizing the impact of spot ETF inflows on the cryptocurrency market.
Bitcoin Boost from ETFs
In a series of insightful tweets on the X, Ki Young Ju highlights the crucial role of spot ETF inflows, projecting a monthly surge of $9.5 billion. This regular influx holds the power to strengthen Bitcoin’s realized capitalization by an astounding $114 billion annually.
Notably, Ju anticipates this steady stream of ETF investments could propel Bitcoin to an impressive $112,000 by year-end.
Resilience Despite $GBTC Outflows
Even in the face of potential outflows from the Grayscale Bitcoin Trust ($GBTC), Ju remains optimistic. He foresees a notable uptick of $76 billion, potentially raising realized capitalization from the current $451 billion to a range between $527 billion and $565 billion.
An interesting note is the substantial Bitcoin holdings of nearly 50,000 BTC, totaling over $3.19 billion, held by investment giant BlackRock through its ETF.
Historical MVRV Ratios
Further Ju draws on historical data, noting that Bitcoin market bottoms historically occur at an MVRV (Market-Value-to-Realized-Value) ratio of 0.75. In contrast, market tops are observed at a ratio of 3.9.
What Could Happen Next
Meanwhile, Ki Young Ju is guessing that because of all this money coming in from ETFs, Bitcoin’s price could go really high—maybe between $104,000 and $112,000. But if we don’t get too excited, it might still go up to a good price, maybe between $55,000 and $59,000.
Bitcoin Targets $52000
Bitcoin’s price is making moves after being stable for seven weeks. The current weekly BTC candlestick shows a gain of 12.58%, and it looks like it will end on a positive note.
As of now, Bitcoin is being traded at over $48,000, and the amount of Bitcoin being traded in the last 24 hours is increasing, reaching $20.65 billion.
