Bitcoin Analyst Predicts $55K as “Worst Case” for 6-Figure BTC Price in 2024

Bitcoin (BTC) has a new six-figure price target for 2024 as institutional inflows flood the market.

In fresh analysis on X (formerly Twitter) on Feb. 11, Ki Young Ju, CEO of analytics platform CryptoQuant, predicted $112,000 per bitcoin this year.

The latest news on gala crypto reveals a potential increase in value, while the impact of web 3.0 on businesses remains a hot topic of discussion.

Helium crypto is also making waves in the market, as investors scramble to keep up with the constantly evolving world of cryptocurrency.

Meanwhile, full send crypto continues to be a popular choice for those looking to dive into the high stakes world of investing.

Grayscale crypto is another major player in the market, with its impact on the overall cryptocurrency landscape being closely watched.

As the crypto market continues to evolve, it’s important for investors to stay informed and up-to-date on the latest developments in order to make the most of their investments.

Crypto yesterday may have been a different landscape, but with the constantly changing nature of the market, it’s crucial to stay on top of the latest trends and news in order to stay ahead of the game.

The Impact of Bitcoin ETFs on BTC Price: Up to $112,000

The recent launch of the first spot Bitcoin exchange-traded funds (ETFs) in the United States has opened up new opportunities for institutional investors.

According to CryptoQuant’s Ki, the ETFs’ launch could have a significant impact on Bitcoin’s realized cap, which reflects the total price at which BTC was last moved. With an expected combined inflow of $114 billion this year alone, the ETFs could potentially add to the existing $451 billion tally.

Despite ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which have decreased significantly since the ETFs’ launch, the realized cap could still see a rise of $76 billion, bringing it to a range of $527-565 billion.

As for potential price action, Ki suggests a “worst case” scenario of $55,000-$59,000 for Bitcoin. However, with the increasing popularity of cryptocurrencies and the rise of web 3.0, it is crucial for businesses to keep up with the latest developments in the crypto market. Some popular cryptocurrencies to watch include Gala, Helium, and Grayscale, with Full Send and High Crypto also making waves. Stay informed and stay ahead in the ever-changing world of cryptocurrency.

Previous: “Even $100,000” achievable before halving

As Cointelegraph continues to cover, the projected BTC price targets for the upcoming year vary significantly – but bullish outcomes for 2024 are abundant.

The halving of block subsidies in April is of particular interest to market analysts.

In recent days, more voices have supported the idea of a potential new all-time high even before the halving event, which is just over two months away.

Among them is Adam Back, CEO of Bitcoin technology company Blockstream and one of the original cryptocurrency developers.

In his own X post, Back suggested that BTC/USD could surpass the six-figure mark sooner than the general consensus believes is feasible.

“On October 1st, 2021, Bitcoin surpassed $47k, similar to yesterday, and is now on its way to reaching the $69k all-time high,” he wrote, referring to Bitcoin’s recent surge to its current all-time highs.