The CEO of CryptoQuant, Ki Young Ju, has predicted that Bitcoin’s price could reach $112,000 this year due to spot Bitcoin ETF sentiment.
Prominent cryptocurrency analyst Ki Young Ju of X has predicted that the price of Bitcoin will increase by nearly 160 percent.
Bitcoin Price Headed For Bull Run
A leading asset analyst predicts that Bitcoin could trade at least $55,000 in a conservative mode this year or rise as high as $112,000 under extreme bullish conditions. As of February 8, when the price of Bitcoin was approximately $47,100, the chart he presented indicated that its projected ceiling price was $89,500, while its floor price was $17,200.
The Bitcoin price was $48,070.69 at the time of publication, and the new price has visibly affected the floor and ceiling prices of the coin, respectively. John Bollinger, a legendary Bitcoin trader, concurs with Young Ju that the future of Bitcoin appears promising, a sentiment influenced by the introduction of ETFs and the forthcoming halving of BTC.
Another factor influencing Young Ju’s Bitcoin price forecast is the possibility of spot Bitcoin ETF market inflows. In context, the spot Bitcoin ETF landscape has been performing well since the Securities and Exchange Commission (SEC) of the United States authorized it one month ago.
The efficacy of the market is accurately reflected in the volume of inflows.
Increased Inflows Into Spot Bitcoin ETFs
On Tuesday of last week, spot Bitcoin ETFs significantly recorded net inflows of $33 million. The new nine and GBTC spot Bitcoin ETF experienced a positive inflow of $542 million on Friday of the same week. Within one month of its introduction, the Bitcoin ETF market has witnessed inflows of up to $9.5 billion, according to research by Young Ju.
Increasing inflows into spot Bitcoin ETFs are thought to be the result of FOMO, or the fear that many investors will miss out on market profits, particularly since the price of Bitcoin has recently indicated a bull run.
The most significant inflows were recorded by the Ark 21Shares (ARKB), Fidelity (FBTC), and BlackRock (IBIT) Bitcoin ETFs, in that order, with $250.7, $188.4, and $136.5 million, respectively.
Although Grayscale continues to experience outflows, Friday’s figures appear to be the lowest since the U.S. SEC approved. Approximately $51.8 million in expenditures were incurred by the GBTC of Grayscale. Certain market analysts are convinced this could result from investor sentiment shifts, regulatory environment changes, or evolving market conditions.