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CryptoQuant CEO Ki Young Ju has claimed that the price of Bitcoin (BTC) is ready for a potential surge this year, possibly exceeding $100,000 for the first time. However, this may require certain developments related to the spot Bitcoin ETFs recently approved in the United States.
Developments in Bitcoin ETFs
The entire crypto community and a significant part of the traditional finance world have started to realize that the SEC will inevitably approve spot Bitcoin ETFs sooner or later. Experts have speculated whether these developments will result in a sell-the-news event, as BTC experienced a drop of over ten thousand in the first two weeks of ETF transactions in January.
Despite debates over the immediate consequences for BTC’s price, many remain optimistic about the long-term effects. CryptoQuant’s CEO also made firm statements that the cryptocurrency’s price would rise this year, primarily due to inflows into ETFs. One month after the ETFs were implemented, Young Ju claimed that the BTC market saw a “monthly spot ETF inflow of $9.5 billion,” which could increase its annual cap by $114 billion.
Bitcoin’s $100,000 Claim
This situation could have a significant positive impact on BTC’s price, potentially reaching $112,000 in the best-case scenario or $55,000 in the worst-case this year. According to CryptoQuant’s CEO, even increasing GBTC outflows won’t have such a significant negative impact. However, Young Ju suggested that the ETF inflow trend could trigger the next major bull run, potentially leading to the first breach above this level. He also linked the general bullish sentiment in the community to the MVRV ratio.
According to the expert, market bottoms are found at 0.75, while peaks are at 3.9. Currently, the measure stands at 2.07, which could mean that if no developments occur in the coming months, the worst-case price for BTC could be close to $60,000. Considering BTC’s historical price performance during and after halvings, and the tendency of individual investors to follow trends, this may not seem likely. With only a few months left until the fourth halving, speculations on how it will affect BTC’s price are already widespread.
