Bitcoin

Grayscale Bitcoin Trust

Spot

<ul>
 <li>CryptoQuant predicts that bitcoin price could reach $112,000 in 2024.</li>
 <li>The worst-case scenario being $55,000 for bitcoin price, which is still a 15% increase.</li>
</ul>
<a href="https://thenewscrypto.com/cryptoquant-ceo-claims-eth-will-excel-btc/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a>, a company that provides on-chain data and analysis, has made a bullish prediction for bitcoin price in 2024. The company said that bitcoin price could hit $112,000 this year if the inflows from spot exchange-traded funds (ETFs) continue at the <a href="https://thenewscrypto.com/new-spot-bitcoin-etfs-surpass-microstrategy-in-btc-holdings/" target="_blank" rel="noopener noreferrer nofollow">current</a> rate. The company also said that the worst-case scenario for bitcoin price was $55,000, which is still a <a href="https://x.com/ki_young_ju/status/1756498625205502301?s=20" target="_blank" rel="noopener noreferrer nofollow">15%</a> increase from the current level.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/BqOgT0wvumBp0uqWApdosCD9kAxZD0d1BAyAtpp1E8lKDJ6ml6Aa92s4URfU35C4_yCmE07XLWslxcs8KE4VTWyqL67yGoifhN6mMNjQ8A6kXl0EDH87gE14hQkUjGo8mCVaGB9BcNljcr0rcN2ePtI" alt="">
</figure>
The prediction was based on the impact of inflows on bitcoin’s market capitalization and a ratio that measures the valuation of bitcoin. CryptoQuant’s CEO, <a href="https://twitter.com/ki_young_ju" target="_blank" rel="noopener noreferrer nofollow">Ki Young Ju</a>, said that the bitcoin market has seen $9.5 billion in spot ETF inflows per month, which could boost the realized cap by $114 billion yearly.&nbsp;
Ki said:
<blockquote class="wp-block-quote">
 “Historically, $BTC market bottoms occur at an MVRV of 0.75 and tops at 3.9. With current spot ETF inflow trends, the top price could reach $104k-$112k. Without hype, maintaining the current level of 2.07, the price would be $55-59k.”
</blockquote>
<h3 class="wp-block-heading" id="h-spot-etfs-boost-bitcoin-demand">Spot ETFs Boost Bitcoin Demand</h3>
As of Friday, spot ETFs have accumulated more than 192,000 bitcoin in holdings, since their launch nearly a month ago. This represents a significant increase in demand for bitcoin, which could drive up its price in the long term. Spot ETFs also have lower fees and risks than futures-based ETFs, which makes them more appealing to investors.
The top performers among the spot bitcoin ETFs are BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, with $4 billion and $3.4 billion in holdings respectively. ARK 21Shares Bitcoin ETF also joined the billion-dollar club on February 10.&nbsp;
Meanwhile, Grayscale Bitcoin Trust (GBTC) has seen less outflows, with the lowest daily withdrawal on February 9. Analysts expect more growth as trading firms finish their assessments of these investment products.
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Bitcoin ETFs Could Push BTC Price to $112K in 2024: CryptoQuant

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