Bitcoin (BTC) to $58,974: Scary prediction by CryptoQuant CEO

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.