Home » Bitcoin (BTC) at $55,000 would be “worst-case scenario” – CryptoQuant CEO shows optimism

Bitcoin (BTC) at $55,000 would be “worst-case scenario” – CryptoQuant CEO shows optimism

by Thomas

Ki Young Ju, CEO and founder of CryptoQuant, has presented an analysis in which he develops his theory that BTC could reach between $55,000 and $112,000 in 2024. While these targets may seem realistic in a bull scenario, we’ll see the limit of the arguments outlined.

CryptoQuant’s CEO sees BTC between $55,000 and $112,000 in 2024

With prices back on the upswing, optimistic analyses of the Bitcoin (BTC) price have been pouring in for several months now. This time, it’s the turn of Ki Young Ju, CEO and founder of analysis platform CryptoQuant, to unveil his estimates.

In a thread posted on X on Sunday, he set out his theory that the asset could reach $112,000 by 2024, and that the $55,000 target would be the worst-case scenario:

As always, caution is called for when dealing with such figures. And for good reason, one of the analyst’s arguments is based on the postponement of recent capital inflows since the approval of spot Bitcoin ETFs.

With $9.5 billion of inflows in one month, he estimates that this could increase the realized ceiling to $114 billion per year. By 2024, he sees this value rising from the current $450 billion to $527/565 billion.

The main limitation of this demonstration lies in the fact that there is no guarantee that the capital inflows achieved during the past month thanks to ETFs will remain the same throughout the year.

The other indicator used is the MVRV, according to which lows are generally made at 0.75 and highs at 3.9. With MVRV currently at 2.07, this is the same value Ki Young Ju uses to establish his “worst-case” scenario of $55,000.

So, even if the target of $100,000 per BTC seems achievable in a bull market scenario, we can see that in the specific case of this analysis, no pessimistic scenario is envisaged. We’ll just have to take a step back and look at the figures we’ve just announced.

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