Crypto analyst Ki Young Ju on X has expressed his bullish stance regarding Bitcoin price and has predicted almost a 160% increase for the coin.
Bitcoin Price Eyeing a Bull Run
According to the top asset analyst, Bitcoin could soar as high as $112,000 on a very bullish basis this year, or in a conservative mode, it could trade at least $55,000. As of February 8 when Bitcoin price was around $47,100, its projected ceiling price according to the chart he presented was at $89,500 while the floor price was $17,200.
— Ki Young Ju (@ki_young_ju) February 11, 2024
At press time, Bitcoin price was at $48,070.69, and the new price has visibly impacted the coin’s floor and ceiling prices respectively.
Like Young Ju, legendary Bitcoin trader John Bollinger opines that Bitcoin’s future looks bright, a shift driven by ETF introductions and the upcoming BTC halving.
Young Ju’s Bitcoin price prediction is also driven by the potential in the spot Bitcoin ETF market inflows. For context, the spot Bitcoin ETF landscape has been performing well since it was approved by the United States Securities and Exchange Commission (SEC) a month ago.
The volume of inflows is a true reflection of the performance of the market.
Inflows Into Spot Bitcoin ETFs Surge
Markedly, spot Bitcoin ETFs recorded net inflows of $33 million last week Tuesday. On Friday of the same week, the new nine and GBTC spot Bitcoin ETF saw a net inflow of $542 million. Per Young Ju’s findings, the Bitcoin ETF market has seen up to $9.5 billion in inflows within one month of launch.
The increasing spot Bitcoin ETF inflows are believed to be a function of FOMO, that is, many investors fear that they may miss out on the profit in the market especially with Bitcoin price recently suggesting a bull run.
Out of all the spot Bitcoin ETFs, BlackRock (IBIT), Fidelity (FBTC), and Ark 21Shares (ARKB) Bitcoin ETF recorded the largest inflows of $250.7, $188.4, and $136.5 million, respectively.
Grayscale is still faced with outflows but the figures from Friday seem to be the lowest it has seen since it was greenlighted by the U.S. SEC. About $51.8 million in outflows was recorded for Grayscale’s GBTC. Some market observers strongly believe that this may be shifts in investor sentiment, changes in the regulatory landscape, or evolving market conditions.
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