CryptoQuant CEO Predicts Record High for Bitcoin!
BTC
CryptoQuant CEO Ki Joung Ju suggested that Bitcoin could reach $112,000 by the end of this year. Despite Bitcoin’s recent surge to nearly $49,000 last week, its upward momentum halted as the new week began.
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Currently, Bitcoin is trading around $48,000. Investors are closely monitoring economic data from the USA this week for further market insights.
CryptoQuant CEO Bullish on Bitcoin’s Potential
Ki Joung Ju, CEO of the prominent on-chain data provider CryptoQuant, offered a positive assessment regarding Bitcoin’s future prospects. He highlighted the potential for Bitcoin’s price to surge to $112,000 this year if the current trend of inflows into spot Bitcoin ETFs persists.
Ju further elaborated on his optimistic forecast, stating that even in the worst-case scenario, Bitcoin could reach $55,000. This target represents a potential 15% upside for Bitcoin, showcasing the CEO’s confidence in the cryptocurrency’s growth trajectory.
CryptoQuant CEO Sets Bitcoin Price Targets
The CEO of CryptoQuant established his price targets of $55,000 and $112,000 for Bitcoin based on the influence of ETF inflows on Bitcoin’s market capitalization. This metric historically indicates whether Bitcoin prices are perceived as “overvalued” or “undervalued.”
Historical Analysis
Additionally, the CEO pointed out historical patterns, stating that Bitcoin bottoms have historically been at 0.75, while peaks have occurred at a rate of 3.9 MVRV. With the current trends in spot ETF entries, he suggested that the highest price could potentially reach between $104,000 and $112,000.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
