Current Date: 22 Feb, 2024

Famous Analyst Predicts Bitcoin Price to Surpass $100,000 in 2024!

  • Crypto analyst Ki Young Ju expressed his bullish view on Bitcoin’s price on X and predicted a nearly 160% increase.
  • When Bitcoin’s price was around $47,100 on February 8, the expected ceiling price was $89,500, and the floor price was $17,200 according to the presented chart.
  • Ki Young Ju’s Bitcoin price prediction is also based on the potential in entries to the spot Bitcoin ETF market.

Crypto Analyst Details His Prediction for Bitcoin

Crypto analyst Ki Young Ju expressed his bullish view on Bitcoin’s price on X and predicted a nearly 160% increase. According to the high-level asset analyst, Bitcoin could rise to as much as $112,000 this year on a very bullish foundation or, in a more conservative mode, could trade at least $55,000.

When Bitcoin’s price was around $47,100 on February 8, the expected ceiling price was $89,500, and the floor price was $17,200 according to the presented chart. At the time of writing, the Bitcoin price was $47,790, and the impact of the new price on the floor and ceiling prices of the segment is visibly evident.

Renowned Bitcoin trader John Bollinger sees a bright future for Bitcoin, considering it a shift driven by ETF introductions and the upcoming Bitcoin halving. Ki Young Ju’s Bitcoin price prediction is also based on the potential in entries to the spot Bitcoin ETF market.

For context, the landscape of spot Bitcoin ETFs has been performing well since its approval by the U.S. Securities and Exchange Commission (SEC) a month ago. Entries are considered a true reflection of the market’s performance.

Entries into Spot Bitcoin ETFs Are Rapidly Increasing

Notably, spot Bitcoin ETFs recorded a net entry of $33 million last Tuesday. On the same Friday of that week, the new Nine and GBTC spot Bitcoin ETFs saw a net entry of $542 million. According to Young Ju’s findings, the Bitcoin ETF market has seen entries of up to $9.5 billion within a month since its launch.

The increasing entries into spot Bitcoin ETFs are believed to be a function of FOMO, where many investors fear missing out on profits, especially in a market where Bitcoin has recently shown a bullish run.

Among all spot Bitcoin ETFs, BlackRock (IBIT), Fidelity (FBTC), and Ark 21Shares (ARKB) Bitcoin ETFs recorded the largest entries, amounting to $250.7 million, $188.4 million, and $136.5 million, respectively.

Grayscale is still facing outflows, but the figures recorded on Friday seem to be the lowest since its approval by the U.S. Securities and Exchange Commission. A $51.8 million outflow was recorded for Grayscale’s GBTC. 

Some market observers strongly believe that this change in investor sentiment could be due to changes in the regulatory environment or evolving market conditions.

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Excellence Chukwuma Chukwunaedu

Excellence Chukwuma Chukwunaedu

I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.