bitcoin is currently rewriting its all-time high, thanks mainly to the results of the recently concluded American elections and increasing inflows into bitcoin ETFs. Days before the election, bitcoin struggled to hold the $70,000 level, briefly reaching $73,000.
Immediately after the election, bitcoin unleashed another mini-run, reaching $77,262 and briefly bitcoin” target=”_blank” rel=”noopener nofollow”>exceeding $79 thousand for the first time. With favorable political and market conditions, many traders and analysts see more upside for bitcoin.
Source:btc/usd/" target="_blank" rel="noopener nofollow"> Bitstamp
But right now there are some contrary opinions in the market, which say that the asset needs a correction. Ki Young Ju, CEO of CryptoQuant, offers a shocking prediction for bitcoin: the world's leading digital asset will trade below $60,000 by the end of the year.
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There's only one day left. For me, it's $58,974. I hope I'm wrong. https://t.co/ALUa0nvlMT
– Ki Young Ju (@ki_young_ju) twitter.com/ki_young_ju/status/1855145553186938956?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 9, 2024
CEO Makes Shocking bitcoin Price Prediction
According to a post by Ki Young Ju on twitter/x, the market is preparing for a big disappointment. After btc/usd/” target=”_blank” rel=”noopener nofollow”>bitcoin reached $77,000, expect there to be a change in trend in the coming weeks, with bitcoin ending the year at $58,897.
Ki Young Ju's bold prediction contrasts with the growing chorus of analysts who say a continued rise in bitcoin is expected into next year.
Still, Young Ju made a disclaimer, saying that I could be wrong. The CEO's post about bitcoin came as the asset was trading at $77,000, briefly topping $79,000.
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XXX market cap currently at $1.57 trillion. Chart: TradingView.com
The market can expect a 24% drop in the asset price
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 guess the possible price of bitcoin at the end of the year.
The post added that it would give 0.01 btc or roughly $7,600 at the current price to anyone who could offer the closest guess. However, only paid CryptoQuant users can participate.
The CryptoQuant CEO's post immediately garnered hundreds of posts and reshares, with conflicting predictions for bitcoin. Diversity is expected in user responses, as predicting the asset price by the end of the year is often a challenge.
based on CoinGlass dataMajor cryptocurrencies went red in five months and red in the other five over the last decade. bitcoin is traditionally volatile each year-end and is often influenced by “the Santa Claus rally.”
Market data and US election results currently dictate bitcoin price
Ki Young Ju's prediction on social media has gained traction and has received hundreds of responses. Although the CEO offered a contrary opinion, many in the industry still see advantages in the asset due to favorable macroeconomic and market conditions. Some analysts say the US election results and the Federal Reserve's recent rate cut sparked bitcoin's rally.
The current bitcoin price development pushes many traders and investors to look for profitable opportunities. Some traders share Ki Young Ju's sentiment and prepare for a correction, while others focus on the asset's fundamentals. The CEO's position only reflects the volatility and uncertainty of the asset, even in favorable market conditions.
Featured image from Midjourney, TradingView chart
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