Bitcoin is currently rewriting its all-time high, driven primarily by the results of the recently concluded US elections and growing 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 sparked another mini-run, reaching $77,262 and briefly surpassing $79,000 for the first time. With favorable market and political conditions, many traders and analysts see more upside potential for Bitcoin.
Source: Bitstamp
But there are a few contrarian opinions in the market right now, claiming that the asset is on the verge of 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.
There’s only one day left. For me, it’s $58,974. I hope I’m wrong.
– Ki Young Ju (@ki_young_ju) November 9, 2024
CEO Makes Shocking Bitcoin Price Prediction
According to a Twitter/X post from Ki Young Ju, the market is expecting a major disappointment. After Bitcoin hits $77,000, he expects a trend reversal 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 saying Bitcoin’s continued rise is expected well into next year.
Still, Young Ju offered a disclaimer, saying he could be wrong. The CEO’s message on Bitcoin came as the asset traded at $77,000, briefly surpassing $79,000.
XXX market cap currently at $1.57 trillion. Chart: TradingView.com
Market can expect 24% drop in asset price
Young Ju’s Bitcoin price prediction represents a massive 24% price drop. Before making this prediction, he also asked his followers on Twitter/X to guess the possible price of Bitcoin at the end of the year.
The post adds that he would give away 0.01 BTC, or about $7,600 at current prices, to anyone who can offer the closest estimate. However, only paid CryptoQuant users can participate.
The CryptoQuant CEO’s post immediately garnered hundreds of messages and shares, with conflicting predictions for Bitcoin. The diversity of user responses is to be expected, as it is often difficult to predict the price of an asset by the end of the year.
Based on CoinGlass data, major cryptocurrencies have recorded reds in five months and reds in the other five over the past decade. Bitcoin is traditionally volatile at the end of each year and is often influenced by the “Santa Gathering”.
Market data and US election results are currently dictating the price of Bitcoin
Ki Young Ju’s prediction on social media gained traction and received hundreds of responses. Although the CEO expressed a contrarian view, many in the industry continue to view the benefits of the asset due to favorable market and macroeconomic conditions. Some analysts say the US election results and the Federal Reserve’s recent rate cut have sparked Bitcoin’s rally.
The current price action of Bitcoin is pushing 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, chart from TradingView
