CryptoQuant Predicts Bitcoin Price Could Touch Rp1.7 Billion
CEO of CryptoQuant, Ki Young Ju, published his analysis on platform X (11/2) regarding the potential future price of Bitcoin. The CEO of the crypto analytics platform projected that the price of BTC could touch US$112,000 or approximately Rp1.7 billion by the end of 2024.
He stated that this increase would be heavily supported by the inflow from Bitcoin spot ETFs which have successfully attracted billions of US dollars into the Bitcoin market. The analysis further outlines a "worst-case scenario" where Bitcoin could still see an increase of at least US$55,000.
"The Bitcoin market has witnessed an inflow of spot ETFs amounting to US$9.5 billion per month, potentially raising the realized cap by US$114 billion annually. Even with outflows from GBTC, an increase of US$76 billion could raise the realized cap from US$451 billion to US$527-US$565 billion," said Ju.
Ju explained that historically, the Bitcoin market has shown a pattern where the lowest point, or the market's bottom, aligns with the Market Value to Realized Value (MVRV) ratio of 0.75, while market peaks coincide with an MVRV ratio of 3.9.
The MVRV ratio compares the market capitalization (current market value of all mined Bitcoins) with the realized capitalization (value of all Bitcoins at their purchase price), serving as a key indicator to assess extreme Bitcoin valuations.
The report indicates that if the current trend of Bitcoin ETF inflows continues, the MVRV ratio could reach levels that typically indicate market peaks, potentially driving the price of Bitcoin between US$104,000 and US$112,000. However, without an increase in market excitement and with an MVRV ratio of 2.07, the price of Bitcoin is estimated to remain between US$55,000 and US$59,000.
Other Bitcoin Price Predictions by Adam Back
In addition to Ki's prediction, Adam Back, CEO of Bitcoin technology company Blockstream, believes that BTC could reach new all-time highs or even surpass six digits sooner than expected.
"Bitcoin surpassed US$47,000 on October 1, 2021, and then reached an all-time high of US$69,000. That journey took 41 days. With 70 days remaining until the halving, this is another data point indicating that we may witness a new ATH or even US$100,000 before the halving," said Back.
The bullish predictions for Bitcoin prices in 2024 highlight the increasing confidence among analysts and industry figures. However, it is important to approach these forecasts cautiously, as the cryptocurrency market is known for its volatility and uncertainty.
*Disclaimer:
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