CryptoQuant Predicts Bitcoin Could Reach $112,000 As BTC Eyes $50,000

Published: Feb 12, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

According to on-chain data firm CryptoQuant, Bitcoin could increase to as high as $112,000 this year. The company’s CEO forecasts Bitcoin returning above $55,000 in the months ahead as capital continues pouring into the spot ETF market.

Key Takeaways:

  • Ongoing spot ETF inflows may boost bitcoin’s market cap by over $100 billion.
  • Yearly average price expected to be $55,000.
  • More upside potential in the $104,000 – $112,000 zone.

CryptoQuant CEO Ki Young Ju highlighted data showing spot Bitcoin ETFs have already amassed monthly inflows of $9.5 billion despite launching less than one month ago.

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Spot crypto ETFs could push Bitcoin market cap to billions

Highlighting the current trajectory, Young Ju said these products could elevate Bitcoin’s realized market capitalization by $76 billion to $114 billion over the next year.

The realized cap refers to the aggregate cost basis of all Bitcoin in circulation at its last transacted price. CryptoQuant’s model suggests the metric could climb from around $451 billion to $527 billion—$565 billion.

Notably, Young Ju sees Bitcoin topping out around $104,000 to $112,000 if the realized cap rises to those levels.

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He cited a ratio between Bitcoin’s overall market capitalization relative to its realized cap, reaching an “overvalued” threshold of around 3.9. The metric has peaked between 3.7 and 4.0 during previous bull market frenzies.

Bitcoin has surged above $49,000 and is eyeing $50,000 at press time. BTC is up by 17% in the last seven days and 3.12% in the last 24 hours. Ethereum is following suit and is also up by almost 2% in the last 24 hours. However, it is unclear whether BTC has gained the momentum to breach the $50,000 level.

BTC halving is set to happen in 69 days, according to Milkroad Bitcoin halving data. Visit the page to learn more about how halving affects the price of Bitcoin.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.