While Bitcoin, the leading cryptocurrency, approached $ 49,000 with the rise it experienced last week, this rise stopped in the new week.
While BTC is currently at $48,000, investors are focused on economic data from the USA this week.
While wondering whether the rise in Bitcoin will continue with this data, a positive evaluation came from Ki Joung Ju, CEO of the popular on-chain data provider CryptoQuant.
At this point, the famous CEO said that if the current trend of flows into spot Bitcoin ETFs continues, the Bitcoin price could reach $112,000 this year.
In his post on his account, Kş Young Ju
“If the current trend in Bitcoin ETF inflows continues, the BTC price could reach $112,000 this year, or $55,000 in the worst case.”
Even the worst-case target of $55,000 represents around a 15% upside for Bitcoin.
CryptoQuant's CEO appeared to set his $55,000 and $112,000 targets based on the impact of ETF inflows on Bitcoin's market cap, a metric that historically indicates whether prices are “overvalued” or “undervalued.”
The famous CEO also noted that historically the bottoms in Bitcoin have been 0.75; Pointing out that the peaks occurred at a rate of 3.9 MVRV, “With the current spot ETF entry trends, the highest price can reach 104 thousand to 112 thousand dollars.” said.
#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
*This is not investment advice.
