Bitcoin now has a fresh six-figure price target for this year as institutional inflows increase within the market.

The CEO of analytics platform CryptoQuant, Ki Young Ju, forecasts the price of the world's largest cryptocurrency could reach $112,000 in 2024.

The launch of the first spot Bitcoin exchange-traded funds (ETFs) in the US in January has meant institutional capital has found new pathways for investment opportunities.

The CryptoQuant CEO's latest forecast takes into account the effect of investment on Bitcoin's realized cap, which shows the aggregate price at which the Bitcoin supply last moved, Cointelegraph reports.

The ETFs' combined inflows could see an additional $114 billion added to the existing $451 billion this year, according to the CryptoQuant findings.

"Bitcoin market has seen $9.5B in spot ETF inflows per month, potentially boosting the realized cap by $114B yearly. Even with $GBTC outflows, a $76B rise could elevate the realized cap from $451B to $527-565B," Ki stated.

The CEO's post on X was in reference to the Grayscale Bitcoin Trust's ongoing outflows, and Ki's forecast "worst case" scenario figure for Bitcoin for future price action is between $55,000-$59,000.

Furthermore, the so-called Bitcoin halving due to take place in April has led many analysts to forecast a new high for BTC, which may occur before the halving.

Indeed, the CEO of Bitcoin technology firm Blockstream, Adam Back, proposed that Bitcoin's price may break the six-figure mark sooner than many believe. He said on X: "1st Oct 2021 Bitcoin crossed $47k like yesterday, then on its way to the $69k ATH," he said in relation to Bitcoin's run to current record highs.

"That run-up took 41 days. There are 70 days to the halving. Just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening."