The co-founder and CEO of market intelligence firm CryptoQuant believes Bitcoin exchange-traded fund (ETF) flows could propel BTC to a new all-time high in the coming months.
Ki Young Ju tells his 332,900 followers on social media platform
The analyst bases his prediction on two metrics: BTC ETF inflows and Bitcoin Realized Cap, an on-chain metric that attempts to provide a better estimate of the crypto king’s market cap by stripping out long-lost coins and not claimed in the calculation.
Using BTC’s realized cap, CryptoQuant CEO identifies the potential price cap and floor for Bitcoin this year.
“Bitcoin could reach $112,000 this year on ETF inflows, worst case $55,000.”
Taking a closer look at on-chain metrics, Ki Young Ju claims that Bitcoin’s realized cap currently stands at $451 billion. But he says ETF inflows could push BTC’s realized cap above half a trillion dollars.
“[The] The Bitcoin market saw $9.5 billion in ETF spot inflows per month, which could increase the realized cap by $114 billion per year.
Even with the outflows from GBTC (Grayscale Bitcoin Trust), an increase of $76 billion could increase the realized cap from $451 billion to $527-565 billion…
With current trends in spot ETF inflows, the highest price could reach $104,000 to $112,000.
At the time of writing, Bitcoin is trading at $48,378, up almost 2% in the past 24 hours.
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