Bitcoin Analyst Predicts Worst-Case Scenario of $55K for Bitcoin in 2024, Could 6-Figure Price Be Possible?

Bitcoin (BTC) is expected to reach a price of $112,000 by 2024, according to a recent analysis by Ki Young Ju, the CEO of CryptoQuant. The launch of the first Bitcoin exchange-traded funds (ETFs) in the United States in January has paved the way for institutional investors to enter the market. Ki’s market forecast takes into account the impact of these investments on Bitcoin’s realized cap, which reflects the total price at which the BTC supply was last moved. CryptoQuant data suggests that the combined inflows from ETFs could add $114 billion to the existing $451 billion tally by 2024. Despite outflows from the Grayscale Bitcoin Trust (GBTC), Ki believes that the realized cap could rise to $527-565 billion. Ki also provided a “worst case” scenario price range of $55,000-$59,000. Other experts, such as Adam Back, CEO of Blockstream, have suggested that Bitcoin could even reach six figures before the upcoming block subsidy halving in April. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.