CryptoQuant CEO Fires Back at Skeptics, Predicts Bitcoin Soaring to $112,000
Author : Dency Emily | Published On : 12 Feb 2024
Ki Young Ju, CEO of CryptoQuant, challenges the prevalent notion that Bitcoin spot Exchange Traded Funds (ETFs) are merely "paper" investments, emphasizing their potential to drive Bitcoin's price upward, reaching an impressive $112,000. The endorsement comes amid criticisms of Ju's bullish analysis, with a user questioning the authenticity of ETFs and their impact on Bitcoin's actual transactions.
Ju outlines two potential scenarios for Bitcoin's price trajectory: a bullish peak at $112,000 and a more conservative estimate of $55,000. These projections are based on Bitcoin's current price of $47,100 as of February 8, suggesting a potential range with a ceiling of $89,500 and a floor of $17,200.
Highlighting the pivotal role of monthly spot ETF inflows, projected at $9.5 billion, Ju anticipates a significant boost in Bitcoin's realized capitalization by an impressive $114 billion annually. Despite potential outflows from the Grayscale Bitcoin Trust (GBTC), Ju remains optimistic about the cryptocurrency's future valuation, predicting a substantial increase in realized capitalization.
Key to Ju's analysis is BlackRock's substantial holdings of nearly 50,000 BTC, valued at over $3.19 billion, through its ETF. Historical data on specific MVRV ratios further supports his predictions, indicating historical market bottoms and tops.
The recent approval and launch of the United States' first spot Bitcoin ETFs mark a significant milestone, attracting substantial institutional capital. BlackRock, Fidelity, and Ark 21Shares lead in experiencing remarkable inflows post-SEC approval. Despite Grayscale's outflows, the overall market response to spot Bitcoin ETFs has been positive, signaling a shift in investor sentiment and evolving market dynamics.