At present, Bitcoin fans are very excited in the cryptocurrency market because market experts feel that the Bitcoin price may increase significantly this year. According to Ki Young Ju, CEO of leading analytics platform CryptoQuant, Bitcoin’s value could reach a staggering $112,000 by the end of 2024.
This big Bitcoin price prediction is also happening because more and more big companies are starting to invest in Bitcoin. One reason for this is that the launch of the United States’ first spot Bitcoin exchange-traded fund (ETF) last month has opened the door to institutional capital. And Bitcoin ETF Has the Power to Send BTC Price to $112,000 .
Institutional Inflows Fuel Bitcoin Price Rise
The launch of ETF has opened up investment avenues for institutional investors. The introduction of ETFs means that larger companies can now invest in Bitcoin more easily.
And that’s why a lot of money has flowed into Bitcoin. For this reason, Ki Young Ju said, noting that so much money is coming from these investments that it is affecting the overall value of Bitcoin.
He believes that with all the money raised from the ETF, the total value of Bitcoin could increase much more, perhaps from the current $451 billion to between $527 billion and even $565 billion.
Bitcoin ETFs: Catalyst for Growth
However, even though Ki Young Ju is feeling positive about Bitcoin Price, he also thinks that it is possible that the Bitcoin Price may not increase that much. He says that the price of Bitcoin could be between $55,000 and $59,000 in the near future.
Looking at Bitcoin’s Potential: What ‘Ki Young Ju’ Says!
But there is something else here for you to know. Many crypto experts believe that Bitcoin could surpass its all-time high even before the block subsidy halving that takes place in April.
But there is something else here for you to know. Many crypto experts believe that Bitcoin Price could surpass its all-time high even before the block subsidy halving that takes place in April.
Adam Back, CEO of leading Bitcoin technology company Blockstream, is one of those who expects the Bitcoin Price to reach new heights. Adam Back points to Bitcoin’s past data, stating that Bitcoin’s previous rally took only 41 days to reach its all-time high.
With 70 days left until the halving event, Adam Back suggests that Bitcoin’s value could potentially reach $100,000 or even higher before the supply halts.
A Conservative View: Worst-Case Scenario
So, to summarize, everyone has different ideas about what might happen to the price of Bitcoin in the future, but the majority of them are quite positive about Bitcoin.
Large companies investing in Bitcoin and excitement about an event called the halving could perhaps make Bitcoin even more successful in 2024.
What will happen next remains to be seen…….
This information is for educational purposes only and is not financial advice. Cryptocurrency investments involve risks. Consult with a financial advisor before investing. Past performance does not guarantee future results. Opinions expressed are personal.
Hi there! I’m Simon Brown, a passionate writer delving into the exciting realm of cryptocurrency. From dissecting crypto news to making bold predictions, I cover it all. Join me on this thrilling journey through blockchain, NFTs, and beyond!