Analytics Platform CEO Predicts $112,000 Bitcoin Price This Year

As Bitcoin continues to rise, there is growing interest in it with an analyst predicting the price for Bitcoin before the year ends. Earlier also Cathie Wood and Peter Brandt were bullish on the BTC price.

Ki Young Ju, the CEO of analytics platform CryptoQuant, predicts that Bitcoin could reach a Bitcoin price of $112,000 per BTC by the end of the year 2024.

His analysis was based on the recent launch of the United States’ first spot Bitcoin Exchange Traded Fund (ETF), which has opened the way for institutional capital to flood the market.

#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

Will Bitcoin hit six figures in 2024?

Ki Young Ju believes that the recent combined inflows from these ETFs will have a substantial effect on the crypto market capitalization. The data suggest that the ETF’s inflow could add $114 billion to the existing $451 billion market cap, resulting in a $565 billion market cap.

The CryptoQuant CEO tweet also highlights the current declining inflow from the Grayscale Bitcoin Trust (GBTC), which has drastically reduced since the ETF’s introduction.

The GBTC was a popular investment means for institutional investors before the ETFs became available, which indicates that this is a preferred option for institutional investors.

Other prediction on Bitcoin hitting six figures in 2024

Other experts are suggesting that Bitcoin could surge even before the anticipated Bitcoin halving in April.

Adam Back, the CEO of Blockstream, a Bitcoin technology firm and a popular cryptocurrency developer, believes that Bitcoin could hit new all-time highs or even surpass $100,000 sooner than expected.

1st oct 2021 #bitcoin crossed $47k like yesterday, then on it’s way to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening. pic.twitter.com/jmtQIHcenR

— Adam Back (@adam3us) February 10, 2024

All these bullish predictions for Bitcoin and other cryptocurrencies highlight the growing confidence among crypto experts and analysts, including industry figures. However, it’s essential to approach these predictions cautiously, as the market is known for its volatility and unpredictability.

And the market is influenced by many factors, including regulatory development, market conditions and market sentiment. Experts and investors are watching for further developments to see if their forecasts and predictions will become a reality.