In this post:
- According to Ki Young Ju, CEO of CryptoQuant, Bitcoin (BTC) will conclude the year below $60,000.
- Ki invited his X followers to speculate on the Bitcoin price.
- The CEO offered a gift of 0.1 BTC to the person who correctly identified the figure.
Ki Young Ju, the CEO of CryptoQuant, has made an astonishing forecast about the price of Bitcoin at the end of 2024.
The market is anticipating more gains as Bitcoin finally reached a new all-time high of $77,252.75. Ki Young Ju, though, says the asset might let the market down. Bitcoin may turn around and close around $58,897 before the end of the year, per Ki Young Ju’s essay on X. But he included a disclaimer to indicate 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.
Some of his followers were modest in their responses, but others were making six-figure projections because of the asset’s previous run. But forecasting the price of Bitcoin in December has never been easy.
Over the past decade, Bitcoin has registered greens in five months and reds in the remaining five, according to data from CoinGlass. The anticipated surge known as “the Santa Claus Rally,” which could result in either optimistic or bearish results, is always the main driver of Bitcoin’s volatility near the end of the year. As a result, investors should exercise caution while entering the market during this season. But given the recent price spike brought on by the demand, Bitcoin might see a spike this time of year going by the recent price surge as a result of the United States election results.
The importance of market trends and macroeconomic events
Although Ki Young Ju’s remarks may have sparked discussions in the market, it is well known that macroeconomic developments have an impact on market patterns. The Fed rate cut and the lead-up to the US presidential election were cited as the main causes of Bitcoin’s recent surge.
Nevertheless, investors remain alert and search for market opportunities. Some people have faith in Bitcoin’s fundamentals, while others think a correction will offer a chance to purchase. In a similar vein, the asset may respond to other events such as institutional adoption or the announcement of a new legislation, and the gloomy perspective expressed by the CEO of CryptoQuant may be one of the many possible possibilities. Ki Young Ju’s stance on Bitcoin demonstrates the ambiguity surrounding it.
The rest of 2024 is still rife with uncertainties, even if Bitcoin holds up well against outside swings and exhibits encouraging market improvements. The forecast also accounts for the long-term dynamics of Bitcoin and the circumstances that may influence its course.
