6-figure BTC price in 2024? Bitcoin analyst says $55K now ‘worst case’

Bitcoin 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.

Bitcoin ETFs have power to send BTC price to $112,000

The launch of the United States’ first spot Bitcoin exchange-traded funds (ETFs) last month has opened up inroads for institutional capital. CryptoQuant’s Ki agrees, with his latest market forecast considering the impact of the investment on Bitcoin’s realized cap. Realized cap reflects the aggregate price at which the BTC supply last moved. According to CryptoQuant data, the ETFs’ combined inflows could add another $114 billion to the existing $451 billion tally this year alone. “Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B,” Ki commented.

The post referenced ongoing outflows from the Grayscale Bitcoin Trust (GBTC), which themselves have declined considerably in the first month of its operations as a spot ETF. Summarizing the likely price action ahead, Ki gave a “worst case” scenario figure of $55,000-$59,000.

Back: “Even $100,000” possible before halving

As Cointelegraph continues to report, BTC price targets for the coming year vary considerably — but bullish culminations to 2024 are hardly in short supply. April’s block subsidy halving is of particular interest to market observers. In recent days, more voices have bolstered the narrative of a new all-time high potentially occurring even before the halving event, now just over two months away. Among them is Adam Back, CEO of Bitcoin technology firm Blockstream and one of the “OG” cryptocurrency developers. In his own X post, Back suggested that BTC/USD could even break the six-figure mark sooner than broad consensus believes is possible. “1st oct 2021 bitcoin crossed $47k like yesterday, then on it’s way to the $69k ATH,” he wrote, referencing Bitcoin’s run to current all-time highs.

“That run-up took 41 days. There are 70 days to the halving. Just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening.”