- Bitcoin’s price has surged after a consolidation period, approaching the USD $50K milestone.
- CryptoQuant’s CEO predicts BTC could surge past $100K due to increasing ETF inflows.
- Even in a worst-case scenario, he suggests BTC would still end 2024 above USD $55K
The Bitcoin rush has arrived a month later than predicted, but arrived it has after a fortnight of impressive gains for the crypto market. Many anticipated the Jan 11 approval of a spot Bitcoin ETF to be the catalyst for the next digital currency bull market – but instead, weeks of sideways price movement ensued. It appears the consolidation period has finally ended, as BTC leads the pack with 13% weekly gains and pushes toward the USD $50K (AUD $76K) milestone. And one Bitcoin analyst is particularly enamoured with the coin’s 2024 potential.
CEO of CryptoQuant Believes Six-Figure BTC Is on the Cards
Ki Young Ju, the CEO of analytics platform CryptoQuant, is bullish on the ETF approval’s impact on the Bitcoin market. As ETF inflows reach USD $10B (AUD $15B) in barely a month of trading, Young Ju argues that hundreds of billions of dollars could be injected into the asset by the end of 2024. He believes this could result in a price run akin to what the world saw in 2021, with a potential top of BTC reaching USD $112K (AUD $171K).
Young Ju also addresses a “worst-case” scenario, where inflows continue pouring into BTC instruments but hype continues at its current rate. He believes this equates to a USD $55-59K (AUD $84K) price point by the conclusion of 2024. While not quite as handsome as a 100% increase, this is still a very positive prediction for a “worst-case” scenario.
BTC investors won’t get much time to breathe, with the upcoming halving event set to have a major influence on the crypto market – although its true impact may not be realised for a little while.
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