Bitcoin is currently rewriting all-time highs, thanks primarily to recent findings. American elections and increased inflows into Bitcoin ETFs. Days before the election, Bitcoin struggled to maintain the $70,000 level, briefly reaching $73,000.
Immediately after the election, Bitcoin unleashed another mini-wave, briefly reaching $77,262. It tops out at $79,000 For the first time. With favorable market and political conditions, many traders and analysts are looking forward to further upside for Bitcoin.
Source: Bitstamp
But there are some conflicting opinions in the market at the moment, saying that the asset is ready for a correction. Ki Young Ju, CEO of CryptoQuant, makes a shocking prediction for Bitcoin: the world’s top digital asset will trade for less than $60,000 by the end of the year.
Only one day left. For me, it’s $58,974. I hope I’m wrong. https://t.co/ALUa0nvlMT
– Ki Young Ju (@ki_young_ju) November 9, 2024
CEO issues shocking predictions for Bitcoin price
According to Ki Young Ju’s post on Twitter/X, the market is ready for some major disappointment. after Bitcoin Bitcoin price reached $77,000, and a trend reversal is expected in the next few weeks, with Bitcoin ending the year at $58,897.
Ki Young Ju’s bold prediction contradicts the growing chorus of analysts who say Bitcoin’s ongoing rally is expected to continue into next year.
However, Young Joo made a disclaimer, saying that he may be wrong. The CEO’s post about Bitcoin came when the asset was trading at $77,000, briefly surpassing $79,000.
XXX market cap currently at $1.57 trillion. Chart: TradingView.com
The market can expect a 24% decline in the price of the asset
Yong Joo’s Bitcoin price prediction represents a massive 24% price drop. Before making the prediction, he also asked his Twitter/X followers to guess the likely price of Bitcoin at the end of the year.
The post added that it would give away 0.01 Bitcoin, or roughly $7,600 at the current price, to anyone who could come up with the closest guess. However, only paid CryptoQuant users can participate.
The CryptoQuant CEO’s post immediately garnered hundreds of shares and reshares, with mixed predictions for Bitcoin. Diversity in user answers is expected since predicting the price of an asset by the end of the year is often difficult.
based on Coinglass datathe top cryptocurrencies have achieved red in five months and red in the other five over the past decade. Bitcoin is typically volatile at the end of each year, often affected by the “Santa Claus Rally.”
Market data and US election results are currently determining the price of Bitcoin
Ki Young Ju’s predictions on social media gained huge attention and received hundreds of responses. Although the CEO offered a contrarian opinion, many in the industry still view the asset’s upside due to favorable market and macroeconomic conditions. Some analysts say the US election results and recent Federal Reserve interest rate cuts have led to a rally in Bitcoin.
Bitcoin’s current price action is prompting many traders and investors to look for profitable opportunities. Some traders share Ki Young Ju’s sentiments and are preparing for a correction, while others are focusing on the fundamentals of the asset. The CEO’s position only reflects asset volatility and uncertainty, even in favorable market conditions.
Featured image from Midjourney, chart from TradingView