With the surge of institutional money flooding the market, Bitcoin has set a new six-figure price objective for 2024. The CEO of analytics company CryptoQuant, Ki Young Ju, forecasted $112,000 per bitcoin this year in a new report published on X (previously Twitter) on February 11.
Institutional money has gained access after the first spot Bitcoin exchange-traded funds (ETFs) were introduced in the US last month. Ki from CryptoQuant concurs; in fact, his most recent market projection takes the investment’s effect on Bitcoin’s realized cap into account.
The aggregate price at which the Bitcoin supply last changed is reflected in the realized cap. The combined inflows into the ETFs could bring the total this year to $451 billion, according to data from CryptoQuant.
The spot ETF market for bitcoin has received monthly inflows of $9.5 billion, which could increase the total value by $114 billion annually. The market cap might increase from $451 billion to $527–565 billion with a $76 billion increase, even with $GBTC outflows, Ki said.
Market observers are particularly interested in April’s block subsidy decrease. More people have been supporting the story in recent days that suggests a new all-time high might happen before the halving event, which is currently less than two months away.
Adam Back, one of the “OG” cryptocurrency developers and CEO of Bitcoin technology company Blockstream, is one of them. He said in his own X post that the BTC/USD pair might even surpass the six-figure barrier before the general public thinks it is feasible. He wrote, alluding to Bitcoin’s ascent to its current all-time highs: “1st Oct 2021 Bitcoin crossed $47k like yesterday, then on it’s way to the $69k ATH.”That 41-day run-up was required. The halving will take place in 70 days. Just another piece of information about how things appear and the possibility that we could see a new ATH or perhaps $100k before the halvening.