Bitcoin is currently rewriting its highs, thanks mainly to the results of the recently concluded US election and the growth of income in Bitcoin ETFs. Days before the election, Bitcoin struggled to hold the $70k level, briefly hitting $73k.
Shortly after the election, Bitcoin went on another mini-run, hitting $77,262 and briefly touching $79k for the first time. With favorable market and political conditions, many traders and analysts are looking beyond Bitcoin.
Source: Bitstamp
But there are a few opposing views on the market right now, which say the property is ready for a fix. Ki Young Ju, CEO of CryptoQuant, gives a shocking prediction for Bitcoin: the world’s top digital asset will trade below $60k by the end of the year.
Only one day left. For me, it’s $58,974. I hope I’m wrong.
— Ki Young Ju (@ki_young_ju) November 9, 2024
CEO Makes Shocking Bitcoin Price Prediction
According to a Twitter/X post by Ki Young Ju, the market is facing a major disappointment. After Bitcoin hit $77k, expect there to be a trend reversal in the next few weeks, with Bitcoin ending the year at $58,897.
Ki Young Ju’s bold prediction is at odds with a growing chorus of analysts who say Bitcoin’s continued explosion is expected well into next year.
However, Young Ju gave a disclaimer, saying that she might be wrong. The CEO’s post on Bitcoin came when the stock traded at $77k, briefly surpassing $79k.
XXX market cap currently at $1.57 trillion. Chart: TradingView.com
The Market Can Expect a 24% Drop in Asset Prices
Young Ju’s Bitcoin price prediction represents a massive 24% price drop. Before making the prediction, he also asked his followers on Twitter / X to predict the possible price of Bitcoin by the end of the year.
The post added that it will offer 0.01 BTC or about $7,600 at the current price to anyone who can provide the closest guess. However, only paid users of CryptoQuant can participate.
The CryptoQuant CEO’s post quickly garnered hundreds of posts and re-shares, with conflicting predictions for Bitcoin. A variety of user responses is expected as predicting commodity prices at the end of the year is often challenging.
Based on CoinGlass data, the top crypto has been in the red for five months and has been in the red for another five in the past decade. Bitcoin traditionally fluctuates at the end of the year, and is often influenced by the “Santa Claus rally.”
Market Data and US Election Results Currently Controlling Bitcoin Price
Ki Young Ju’s prediction on social media gained traction and received hundreds of responses. Although the CEO offered a contrary view, many in the industry are still bullish on the stock due to favorable market and macroeconomic conditions. Some analysts say the results of the US election and the recent Federal Reserve rate cut sparked the Bitcoin rally.
The current Bitcoin price action is pushing many traders and investors to look for profit opportunities. Some traders feel like Ki Young Ju and want a correction, while others focus on the fundamentals of the asset. The CEO position only reflects asset volatility and uncertainty, even in favorable market conditions.
Featured image from Midjourney, chart from TradingView