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
Copper Price Forecast: Tight Supply Pushes Price Above $14,000, Can Copper Reach $15,000?As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
Author  TradingKey
11 hours ago
As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
placeholder
WTI remains below $80.50 as traders monitor diplomatic efforts to reopen HormuzWest Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
Author  FXStreet
20 hours ago
West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
placeholder
Forex Today: US Dollar stabilizes ahead of next batch of US dataHere is what you need to know on Thursday, August 13:
Author  FXStreet
Yesterday 09: 59
Here is what you need to know on Thursday, August 13:
placeholder
WTI declines below $82.50 as oil inventories rise far more than expectedWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus. 
Author  FXStreet
Yesterday 01: 24
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus. 
placeholder
Gold Price Forecast: Can Gold Keep Rising After Reclaiming $4,400 as Markets Await Upcoming CPI Data?During Wednesday's Asian trading session, spot gold (XAUUSD) extended its rebound, reclaiming $4,400/oz. As of 11:08 Beijing time on August 12, spot gold was trading at $4,414.705/oz, up
Author  TradingKey
Aug 12, Wed
During Wednesday's Asian trading session, spot gold (XAUUSD) extended its rebound, reclaiming $4,400/oz. As of 11:08 Beijing time on August 12, spot gold was trading at $4,414.705/oz, up
goTop
quote