CryptoQuant CEO makes shocking Bitcoin price prediction

Source Cryptopolitan

CryptoQuant CEO Ki Young Ju has made a shocking prediction regarding the price of Bitcoin for the end of 2024. With Bitcoin finally hitting a new all-time high of $77,252.75, the market is expecting further upsides. However, Ki Young Ju suggests the asset could disappoint the general market.

According to Ki Young Ju’s post on X, Bitcoin might make a reverse fortune to close at $58,897 by the end of the year. However, he added a disclaimer to show that he might be wrong about the prediction. His recent comment comes after Bitcoin made an impressive leap to hit a new all-time high of $77,252.75, per Coinmarketcap.

CryptoQuant CEO predicts a 24% drop in Bitcoin’s price

The CryptoQuant CEO’s prediction signals a 24% drop in the price of the asset before the end of the year. Before his prediction, Ki Young Ju had initially asked his X followers to guess the asset’s price at the end of the year. He promised whoever got the closest figure (CryptoQuant paid users only) a giveaway of 0.1 BTC, about $7,600 in today’s market.

While some of his followers have been making six-digit predictions due to the asset’s recent run, others were modest about their answers. However, predicting Bitcoin’s price in December has always been a tough call. According to data from CoinGlass, Bitcoin has registered greens in five months and reds in the other five months over the last ten years.

Bitcoin’s volatility around the end of the year is always driven by an expected rally called ‘the Santa Claus Rally’, which might produce bullish or bearish outcomes. This way, investors need to be careful how they approach the market at this time of the year.

However, Bitcoin could make a surge this time of the year going by the recent price surge as a result of the United States election results.

Weight of macroeconomic events and market trend

While Ki Young Ju’s comments may have caused debates in the market, it is no news that market trends are affected by macroeconomic events. The build-up to the United States presidential elections and the Fed rate cut were seen as factors that propelled Bitcoin to a new high.

Despite that, investors are vigilant and are looking for opportunities in the market. While some believe that a correction will present an opportunity to buy, others have faith in Bitcoin’s fundamentals.

Similarly, the bearish outlook from the CryptoQuant CEO may be one of the many directions for the asset, which may also react to other events like institutional adoption or the announcement of a new regulation.

Ki Young Ju’s position on BTC shows the uncertainty surrounding it and the volatility in the crypto space. 

Even if Bitcoin remains strong in the face of external fluctuations and shows positive signs of market developments, the remaining days of 2024 are still filled with doubts. The prediction also takes into consideration the long-term dynamics of Bitcoin and the conditions that could affect its future.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Solana Price Forecast: ETF Demand and Derivatives Flows Fuel a Sharper ReboundSolana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
Author  Mitrade
10 hours ago
Solana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
placeholder
Fed’s $13.5B Liquidity Injection: Will it Fuel Bitcoin to $50K or Signal a Crash?The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
Author  Mitrade
13 hours ago
The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
placeholder
Australian Dollar sits near three-week top vs USD as hawkish RBA offsets weak GDPThe Australian Dollar (AUD) reverses dismal domestic data-led intraday downtick and touches a fresh three-week high against a weaker US Dollar (USD) during the Asian session on Wednesday.
Author  FXStreet
15 hours ago
The Australian Dollar (AUD) reverses dismal domestic data-led intraday downtick and touches a fresh three-week high against a weaker US Dollar (USD) during the Asian session on Wednesday.
placeholder
Fed Chair Candidate: What Would a Hassett Nomination Mean for U.S. Stocks?1. IntroductionOver the past month, investors' expectations for a Federal Reserve interest rate cut in December first cooled and then reignited. These fluctuating expectations have directly triggered
Author  TradingKey
Yesterday 10: 26
1. IntroductionOver the past month, investors' expectations for a Federal Reserve interest rate cut in December first cooled and then reignited. These fluctuating expectations have directly triggered
placeholder
Avalanche Coils for a Big Move as Wolfe Wave Pattern TightensAvalanche (AVAX) is trading near $13.06 as a Wolfe Wave pattern and key weekly trendline converge, with BeLaunch eyeing a $11–$8 accumulation zone and drawing parallels to the September 2023 setup — a combination that suggests a major breakout could be approaching once the current coil finally snaps.
Author  Mitrade
Yesterday 06: 44
Avalanche (AVAX) is trading near $13.06 as a Wolfe Wave pattern and key weekly trendline converge, with BeLaunch eyeing a $11–$8 accumulation zone and drawing parallels to the September 2023 setup — a combination that suggests a major breakout could be approaching once the current coil finally snaps.
goTop
quote