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CryptoQuant CEO Ki Young Ju stated that Bitcoin could experience a huge bull season in 2024, stating that even in the worst case scenario, Bitcoin could reach $55,000, but the price forecast is $112,000.
CryptoQuant CEO Believes Bull Season in 2024
With Bitcoin approaching the $50,000 mark, Ki Young Ju, CEO of CryptoQuant, said Bitcoin could hit $112,000 this year. In his analysis, Ju, who attributed this output to the flow from ETFs, said, “I think Bitcoin could rise to $112,000 this year due to the impact of ETFs. In the worst case scenario, I estimate that the price could be $55,000.”
After the approval of Bitcoin spot ETFs, a total of 2.7 billion dollars of net investment has been made in the funds that have been opened for trading so far. Friday, in particular, was one of the notable days in this respect. On February 9, the BlackRock ETF received a net inflow of $250 million and the Fidelity ETF received a net inflow of $188 million. Daily net inflows totaled $541 million, the highest level since the $628 million inflows seen on January 11, the first day ETFs opened for trading. So far, Bitcoin ETFs have received a total of $32 billion worth of BTC, equivalent to 3.4% of Bitcoin’s total supply.