Leading cryptocurrency BitcoinWhile it approached $49,000 with the rise it experienced last week, this rise stopped in the new week.
While BTC is currently at $48,000, investors are focused on economic data from the USA this week.
While wondering whether the rise in Bitcoin will continue with this data, the popular on-chain data provider CryptoQuant CEO Ki Joung JuA positive evaluation came from .
At this point, the famous CEO, spot Bitcoin ETF’He said that if the current flow trend continues, the Bitcoin price could reach $112,000 this year.
In his post on his account, Kş Young Ju
“If the current trend in Bitcoin ETF inflows continues, the BTC price could reach $112,000 this year, or $55,000 in the worst case.”
Even the worst-case target of $55,000 Bitcoin This means an increase of approximately 15%.
CryptoQuant’s CEO appeared to set his $55,000 and $112,000 targets based on the impact of ETF inflows on Bitcoin’s market cap, a metric that historically indicates whether prices are “overvalued” or “undervalued.”
The famous CEO also noted that historically the bottoms in Bitcoin have been 0.75; Noting that the peaks occur at a rate of 3.9 MVRV “With current spot ETF inflow trends, the top price could reach $104K to $112K.” said.
#Bitcoin could reach $112K this year driven by ETF inflows, worst-case $55K.https://t.co/HrkV3TU8Ul pic.twitter.com/jBn6HWpt9b
— Ki Young Ju (@ki_young_ju) February 11, 2024
*This is not investment advice.
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