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Here’s How Bitcoin (BTC) Price Can Reach $112K This Year: CryptoQuant CEO

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Bitcoin’s price is poised for an upcoming rally this year, and the best scenario can take the asset to above $100,000 for the first time ever, said the CEO of CryptoQuant – Ki Young Ju.

To do so, though, certain developments have to transpire, which are mostly related to the recently approved spot Bitcoin ETFs in the United States.

ETFs Behind BTC’s Upcoming Rally?

Ever since the entire crypto community and a bigger part of the traditional financial world started realizing that the SEC will inevitably approve spot Bitcoin ETFs sooner rather than later, experts speculated on whether these developments will be a sell-the-news event. That turned out to be true as BTC slumped by over ten grand in the first two weeks of ETF trading in January.

While there were debates on the immediate consequences of BTC’s price, most were quite bullish on the long-term effects. CryptoQuant’s CEO also seems determined that the cryptocurrency’s price will rise this year, mainly driven by the inflows in the ETFs.

With a month already gone after the ETFs went live, Young Ju asserted that BTC’s market has seen “$9.5 billion in spot ETF inflows per month,” which could boost its realized cap by $114 billion yearly.

This could have a massive positive impact on BTC’s price, pushing it to $112,000 this year in the best-case scenario or $55,000 in the worst. According to CryptoQuant’s CEO, even the growing GBTC outflows won’t have such a substantial negative effect:

“Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B.”

$100K to Be Broken?

Those who were following the developments in the crypto market in 2021 probably remember the laser eyes, which became viral among BTC proponents. As the asset had soared past $50,000 and $60,000, the laser eyes remained as X (then-Twitter) profile pictures as they displayed the community’s faith that Bitcoin will eventually crack $100,000.

That never happened back then. Just the opposite, as the cryptocurrency slumped in the next few years. However, Young Ju believes the ETF inflow trend could propel the next massive bull run that might result in breaking above that level for the first time.

He also attributed the overall bullish sentiment in the community to the MVRV, according to which market bottoms are at 0.75, while tops come at 3.9. Currently, the metric stands at 2.07, which would mean a worst-case price point for BTC at close to $60,000 if there’s no hype in the following months.

Given the historical price performance of BTC around and after halvings, though, this seems rather unlikely, as retail investors tend to follow the trends. And, the fourth halving is just a couple of months away, and speculations are already running rampant on how it will impact BTC’s price.

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Spot Bitcoin ETFs Take Center Stage in South Korean Election Campaign: Report

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With spot Bitcoin ETFs being all the rage, South Korea’s opposing party has a new trick in hand to garner support from the masses ahead of the general election on April 10.

According to reports from local news media on Tuesday, the Democratic Party of South Korea is advocating for allowing local citizens to invest in spot Bitcoin ETFs and for financial institutions to launch such investment vehicles.

South Korea’s Opposition Champions Spot Bitcoin ETFs

The party aims to legalize investors to purchase spot Bitcoin ETFs using their individual savings accounts (ISAs), which are comprehensive accounts for various investments in funds or equity-linked securities, offering tax exemptions for financial profits of up to two million Korean won (worth nearly $1,497).

The latest development comes just a day after the People Power Party, which currently holds power in South Korea, was reported to be exploring options to allow spot Bitcoin ETFs as part of its campaign pledges for the upcoming general election in April, deviating from its previously hostile stance.

As per a report from local media earlier this week, the right-wing part is also planning to examine legislative actions to authorize other digital asset investment products that have received approval in the United States.

In addition to a number of changes, such as lifting bans on IEOs, the ruling party is also looking to roll out a “Digital Asset Promotion Committee,” with the necessary authority to propose laws and enforce sanctions related to the industry.

The People Power Party is also pushing for an additional two-year delay in taxing gains from crypto investments.

Originally slated for 2023 and later postponed to January 2025, the current request from the People Power Party aims to extend the postponement to 2027.

Increased Malicious Transactions

South Korea has witnessed increased crypto trading activity, which, in turn, has triggered the growth of suspicious transactions. The authorities witnessed nearly 49% more alerts of potentially potentially fraudulent transactions from crypto service providers in 2023 compared to the previous year.

Financial Intelligence Unit’s (FIU) paper disclosed that the country clocked over 16,000 instances of reported crypto transactions suspected of links to activities like money laundering, market manipulation, or illicit drug trading in 2023.

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$1 Billion in Bitcoin Withdrawn From Coinbase, Bullish for BTC Price?

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Hovering a little below $52,000, Bitcoin is still down by approximately 25% since its all-time high of the previous bull run. The leading crypto asset, however, is seeing a tremendously improved sentiment among investors.

In fact, Bitcoin holdings on Coinbase, which is a leading crypto exchange in the space and the largest in the US, have fallen to their lowest level since 2017. And whales are betting big on the asset.

Whales Make Big Bets

As per CryptoQuant analyst’s latest data, more than 18,000 BTC, valued at around $1 billion, were identified to have been removed from the platform by whales.

After the withdrawal of such a significant stash of Bitcoin from Coinbase, the funds were distributed across several new wallets, with values ranging between $45 million and $171 million.

Subsequently, Coinbase’s public order book now holds around 394,000 BTC, equivalent to a little over $20.5 billion. CryptoQuant founder Ki Young Ju further revealed that the funds were moved to multiple non-exchange addresses, likely custodial wallets.

Accumulation Game Strong

The demand for Bitcoin is evident as whales have engaged in the highest level of activity not seen in nearly two years. In 2024, large holders with 1,000 to 10,000 BTC in their wallets accumulated approximately $13 billion worth of the asset. Meanwhile, those with holdings ranging from 100 to 1,000 BTC shed their holdings by $7.89 billion.

Such a trend of whales moving their stash away from centralized crypto exchange is usually a positive sign. Last week, Bitcoin whale wallets acquired over 100,000 BTC, estimated to be approximately $5 billion, in a span of just ten days alone. Historically, such accumulation points signal price appreciation.

The latest whale movements come amid a market-wide rally spurred by the introduction of spot Bitcoin ETFs.

Following their successful launch and the subsequent massive inflow, all eyes are on the Bitcoin halving, which is likely to occur in April this year. Hence, the transfer to custodial wallets may indicate the increased confidence of a price surge ahead of the fact.

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ChatGPT Speculates Whether XRP or Bitcoin Minetrix Will Hit $1 in 2024

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The recent growth of artificial intelligence (AI) technology has led crypto investors worldwide to turn to tools like ChatGPT for insights.

Given how unpredictable the crypto market is, AI-powered predictions have become increasingly sought-after.

With that in mind, this article explores ChatGPT’s price predictions for XRP (XRP) and Bitcoin Minetrix (BTCMTX) – determining which one could surge to the $1 mark by the end of 2024.

XRP Has Bumpy Start to 2024 as Legal Issues Loom Large

Despite ongoing legal challenges from 2023, XRP is having a mixed start to 2024.

From January 11 to January 31, XRP’s price dropped 22%, taking it down to the $0.485 level.

This marked XRP’s lowest value since mid-October.

However, after this dip, XRP has steadily climbed in the following weeks.

The token currently trades at $0.573, representing an 18% increase from January’s low.

According to CoinMarketCap data, spot trading volumes are also surging daily, reaching $1.4 billion yesterday.

XRP is now the 7th most-traded cryptocurrency in the world, ahead of trending projects Filecoin (FIL) and Worldcoin (WLD).

Looking ahead, another trial between Ripple and the SEC is set to begin on April 23.

This trial will likely have a significant impact on XRP’s price action.

While legal experts remain divided on a potential outcome, XRP investors hope a resolution is reached quickly to avoid even more drawn-out legal proceedings.

ChatGPT Weighs In on XRP’s Price Prospects for Year Ahead

With these factors weighing on XRP’s prospects, what does ChatGPT predict for its 2024 price trajectory?

The AI model, analyzing current price data, the ongoing legal situation, and XRP’s historical trends, has offered a tentative outlook for the year ahead.

ChatGPT emphasized that the volatile nature of the crypto market and the looming SEC trial means investors should take a cautious approach to XRP.

However, ChatGPT did acknowledge XRP’s potential to reclaim the $1 mark this year with a favorable trial resolution – possibly even reaching $1.20.

Moreover, if crypto market conditions remain bullish, the chances of XRP hitting the upper end of this range are increased even more.

The key takeaway is that ChatGPT believes the chances of returning to $1 hinge primarily on the outcome of Ripple’s battle with the SEC.

Given that this battle may not be resolved until mid-2024 at the earliest, XRP’s price trajectory over the coming months remains unclear.

ChatGPT Speculates BTCMTX Price Could Soar 635% Due To Stake-to-Mine Innovation

While XRP’s fate hangs on legal outcomes, another crypto could exhibit clearer price prospects – Bitcoin Minetrix.

This Ethereum-based platform proposes a revolutionary approach to Bitcoin mining called Stake-to-Mine.

The Stake-to-Mine setup aims to simplify and democratize access to crypto mining by allowing BTCMTX holders to stake their tokens for cloud mining credits.

These credits can then be instantly burned for cloud mining power.

As a result, traditional mining barriers like cost, complexity, and security concerns are no longer an issue.

Moreover, Bitcoin Minetrix also features a high-yield staking protocol for BTCMTX, meaning there are two ways to earn with the platform.

Armed with this information, ChatGPT offered some interesting insights into BTCMTX’s potential in 2024.

The AI model predicted that BTCMTX could rise as high as $0.10 by the end of the year – which would represent a whopping 635% increase from the current presale price of $0.0136.

However, ChatGPT made sure to highlight that any price increases would require a successful exchange launch, positive market dynamics, and continued community momentum.

One of these elements can be ticked off since Bitcoin Minetrix’s Telegram community already has over 14,300 members.

So, although ChatGPT doesn’t think BTCMTX can hit $1 this year, it does believe the token has far higher growth prospects than the long-established XRP token.

Visit Bitcoin Minetrix Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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