Bitcoin is currently rewriting its all-time high, mainly thanks to the results of the recently closed 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 with a top value of $79,000 for the first time. With market and political conditions favorable, many traders and analysts are looking at more upside for Bitcoin.
Source: Bitstamp
But there are some opposing views in the market right now, saying the asset is due for a correction. Ki Young Ju, the CEO of CryptoQuant, makes a shocking prediction for Bitcoin: the world’s most important digital asset will trade below $60,000 by the end of the year.
Only one more day. For me it’s $58,974. I hope I’m wrong. https://t.co/ALUa0nvlMT
— 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 in for a big disappointment. After Bitcoin reaches $77,000, he expects a trend reversal to occur 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 Bitcoin’s continued rise is expected into next year.
Still, Young Ju offered a disclaimer, saying he could be wrong. The CEO’s post on Bitcoin came as the asset traded at $77,000, briefly above $79,000.
XXX market cap currently at $1.57 trillion. Chart: TradingView.com
The market can expect a price drop of 24%
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 Bitcoin price at the end of the year.
The post added that he would give 0.01 BTC or about $7,600 at the current price to anyone who can give the best guess. However, only paying users of CryptoQuant can participate.
The CryptoQuant CEO’s post immediately generated hundreds of posts and re-shares, with conflicting predictions for Bitcoin. The diversity in users’ answers is expected as predicting the price of the asset by the end of the year is often a challenge.
Based on CoinGlass datathe top crypto traded red in five months and red in the other five over the past decade. Bitcoin is traditionally volatile at the end of the year and is often influenced by ‘the Santa Claus rally’.
Market data and US election results currently determine the price of Bitcoin
Ki Young Ju’s prediction on social media has gained popularity and received hundreds of comments. Although the CEO offered a contrarian view, many in the industry are still looking at the upside of the asset due to favorable market and macroeconomic conditions. Some analysts say the results of the US elections and the Federal Reserve’s recent rate cut fueled Bitcoin’s rally.
Bitcoin’s current price action is forcing many traders and investors to look for profitable opportunities. Some traders share Ki Young Ju’s sentiment and are preparing for a correction, while others are focusing 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 of Midjourney, chart from TradingView