Summary
- CryptoQuant stated that Bitcoin will aim for at least $145,000 to a maximum of $249,000 this year, supported by institutional capital inflows.
- According to CryptoQuant, there is a possibility that $520 billion worth of new capital could flow into the Bitcoin market this year.
- It was reported that the current price of Bitcoin is not overheated and there is room for further upward movement, suggesting more investment opportunities.
There is a forecast that Bitcoin (BTC) could surpass $200,000 this year.
On the 17th (local time), the on-chain data analysis platform CryptoQuant stated in its weekly virtual asset report, "This year, Bitcoin will aim for at least $145,000 to a maximum of $249,000, supported by institutional capital inflows."
Furthermore, it was predicted that $520 billion worth of new capital could flow in this year. CryptoQuant explained, "Considering the scale of capital inflows so far and the positive regulatory environment, a lot of capital will flow into Bitcoin this year as well."
They added, "Custody addresses for institutions and ETFs increased their holdings by $127 billion last year. This indicates institutions' confidence in the long-term value of Bitcoin," and "In fact, capital inflows have historically surged during the last year of a bull cycle. Also, the current price of Bitcoin does not appear to be overheated, suggesting there is room for further upward movement."
Meanwhile, Bitcoin is trading at around $104,500 on the Binance Tether (USDT) market, up approximately 4.4% from the previous day.
Doohyun Hwang
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