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Cryptocurrency News Articles
Bitcoin (BTC) to $58,974: Scary prediction by CryptoQuant CEO
Nov 09, 2024 at 08:16 pm
Bitcoin (BTC), the largest cryptocurrency, might close 2024 at the $58,974 mark. CryptoQuant's CEO Ki Young Ju shared this prediction today on X
Bitcoin (BTC) traders are setting their sights on the final quarter of 2024 and Q1 of 2025 for a new leg up in the BTC rally, fresh off the heels of a new all-time high triggered by the U.S. presidential elections result. But one prominent crypto analyst is painting a different picture — and it spells trouble for Bitcoin.
Bitcoin (BTC) to $58,974: A scary prediction by CryptoQuant CEO
The largest cryptocurrency, Bitcoin (BTC), might close out 2024 at the $58,974 mark, according to a prediction shared by Ki Young Ju, founder and CEO of leading on-chain analytics firm CryptoQuant — but he hopes to be proven wrong.
On Nov. 11, Bitcoin (BTC) posted an all-time high over $77,200 on major spot exchanges. This spells an almost 24% drop for the orange coin.
Given that some years have seen a "Santa Claus Rally" into the yearly close, Bitcoiners should be prepared for even more pain.
Ju is running a forecast prediction for paid users of his service, and the closest bet will be rewarded with 0.1 BTC, which is equal to $7,662 at current prices.
His X audience is more enthusiastic about the prospects for Bitcoin (BTC) in late Q4, 2024, with about half of the commentators coming out with six-digit predictions.
Historically, predicting Bitcoin (BTC) performance in December is a challenging task. In the last 10 years, BTC registered five "red" months and five "green" months, as per CoinGlass.
It should be noted that December 2020 — the previous last month of the halving year — was the best month for the BTC price in almost five years with a 46.92% upsurge.
Most brutal week for Bitcoin (BTC) bears in months
Alongside August, December is the only month with positive average returns and negative median ones, as per 2013-2024 observations.
The last week injected significant optimism into the Bitcoin (BTC) community. The end of the U.S. presidential elections saga and the much-anticipated Fed rate cut pushed the largest cryptocurrency to a new all-time high.
This spike caught Bitcoin (BTC) bears off guard. In just three days — Wednesday, Thursday and Friday — they suffered a net liquidation of short positions equal to one-third of a billion dollars.
For all cryptocurrencies combined, this metric exceeded a whopping $750 million.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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