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
Bitcoin Flirts With ‘Undervalued’ As MVRV Slides Toward 1Bitcoin is nearing a level on the MVRV ratio that historically lines up with market “undervaluation,” according to CryptoQuant contributor Crypto Dan, as traders look for signs that a four-month
Author  NewsBTC
14 hours ago
Bitcoin is nearing a level on the MVRV ratio that historically lines up with market “undervaluation,” according to CryptoQuant contributor Crypto Dan, as traders look for signs that a four-month
placeholder
President Trump expected to ease on metal tariffs as elections draw closePresident Donald Trump is getting ready to ease up on some of his steel and aluminum tariffs. The White House is worried about rising prices and bad poll numbers with midterm elections coming up in November, three people close to the discussions told Financial Times. The administration will look at what’s getting hit with tariffs […]
Author  Cryptopolitan
14 hours ago
President Donald Trump is getting ready to ease up on some of his steel and aluminum tariffs. The White House is worried about rising prices and bad poll numbers with midterm elections coming up in November, three people close to the discussions told Financial Times. The administration will look at what’s getting hit with tariffs […]
placeholder
Today’s Market Recap: AI Panic Intensifies, Global Assets Fall BroadlyTracking Market TrendsTradingKey - On the eve of the U.S. CPI data release, AI panic escalated. Amid deep-seated concerns that artificial intelligence will disrupt business models across many industri
Author  TradingKey
Yesterday 10: 16
Tracking Market TrendsTradingKey - On the eve of the U.S. CPI data release, AI panic escalated. Amid deep-seated concerns that artificial intelligence will disrupt business models across many industri
placeholder
Silver Price Forecast: XAG/USD rebounds above $76.50 after sharp drop, eyes on US CPI dataSilver price (XAG/USD) recovers some lost ground to near $76.60 during the Asian trading hours on Friday. The white metal suddenly fell late Thursday, pushing silver down more than 11%.
Author  FXStreet
Yesterday 01: 56
Silver price (XAG/USD) recovers some lost ground to near $76.60 during the Asian trading hours on Friday. The white metal suddenly fell late Thursday, pushing silver down more than 11%.
placeholder
Is SaaS Dead? The Truth Behind the Software Meltdown, the Missing Floor, and the Peak That’s Not Coming BackOver the past few weeks, you’ve probably seen the same refrain everywhere: “SaaS has crashed this much, valuations must have bottomed, time to buy the dip.”On the surface, that sounds tempting. A lot
Author  TradingKey
Feb 12, Thu
Over the past few weeks, you’ve probably seen the same refrain everywhere: “SaaS has crashed this much, valuations must have bottomed, time to buy the dip.”On the surface, that sounds tempting. A lot
goTop
quote