Bitcoin Prediction: BTC to Soar to $112,000, According to CryptoQuant CEO
Cryptocurrency expert Ki Young Ju predicts a substantial surge of about 160% in Bitcoin's value, offering two potential scenarios.
The two scenarios are: a bullish rise to $112,000 or a more conservative estimate around $55,000, based on Bitcoin’s price of approximately $47,100 on February 8.
#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
The latest data puts Bitcoin at $48,070, impacting the projected price ranges. Ki Young Ju’s optimism aligns with veteran trader John Bollinger, who cites ETF introductions and the upcoming BTC halving as bullish factors.
Ki Young Ju’s forecast is supported by significant inflows into spot Bitcoin ETFs since gaining SEC approval, totaling $9.5 billion within a month.
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Notable inflows include BlackRock, Fidelity, and Ark 21Shares ETFs. Despite Grayscale’s outflows, recent figures show improvement, with GBTC recording $51.8 million in outflows.
Speculation surrounds shifts in investor sentiment and evolving market conditions.
This surge in Bitcoin ETF interest reflects a growing confidence in digital assets as investment vehicles, further shaping the landscape of cryptocurrency markets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
