The co-founder and CEO of market intelligence firm CryptoQuant thinks Bitcoin Exchange-Traded Funds (ETF) inflows could push BTC to a new all-time high in the coming months.
Ki Young Ju tells his 332,900 followers on social media platform
The analyst bases his prediction on two metrics: BTC ETF inflows and Bitcoin’s realized cap, an on-chain metric that attempts to provide a better estimate of the crypto king’s market capitalization by adding long-lost and unclaimed coins to the eliminate calculation.
Using BTC’s realized limit, CryptoQuant CEO identifies the potential ceiling and floor prices for Bitcoin this year.
“Bitcoin could reach $112,000 this year thanks to ETF inflows, reaching $55,000 at worst.”
Taking a closer look at the on-chain metric, Ki Young Ju says that Bitcoin’s realized cap is currently at $451 billion. But he says ETF inflows could push BTC’s realized cap to more than half a trillion dollars.
“[The] The Bitcoin market has seen $9.5 billion in spot ETF inflows per month, potentially increasing the realized cap by $114 billion per year.
Even with the outflow from GBTC (Grayscale Bitcoin Trust), an increase of $76 billion could increase the realized cap from $451 billion to $527-$565 billion…
With current spot ETF inflow trends, the top price could reach $104,000-$112,000.”
At the time of writing, Bitcoin is trading at $48,378, up almost 2% in the past 24 hours.
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