Bitcoin's price could reach six figures by 2024, hitting $112,000 this year, predicts Ki Young Ju, CEO of crypto analytics platform CryptoQuant. The Bitcoin ETF boom and the influx of institutional funds into the market is attributed as the main driver of this potential surge.
The recently launched United States' first spot Bitcoin exchange-traded funds (ETFs) are cited as a prime factor for inviting more institutional capital into the Bitcoin market. CryptoQuant data indicate that the ETFs could add $114 billion to Bitcoin's realized cap this year alone. The realized cap – reflecting the total BTC supply's last transaction price – currently stands at $451 billion.
“Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B,” Ki explained.
Notwithstanding the Grayscale Bitcoin Trust (GBTC) outflows, Ki forecasts a "worst-case" scenario of $55,000 - $59,000 for Bitcoin.
Meanwhile, Adam Back, CEO of Bitcoin technology firm Blockstream, maintains that BTC could reach $100,000 even before BTC's block subsidy halved projected in April. He adds another data point to suggest that a new all-time high could occur even sooner than the broad consensus believes.
