As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I find myself both intrigued and skeptical about Ki Young Ju’s prediction for Bitcoin (BTC) to close at $58,974 by the end of 2024. Given my personal experiences, I’ve learned that cryptocurrency markets are as unpredictable as a game of Russian Roulette – you never know when the bull or bear might take over.
With the U.S. presidential election results pushing Bitcoin (BTC) to a fresh record high, many traders anticipate this upward trend will continue in the last quarter of 2024 and into the first quarter of 2025. However, Ki Young Ju, CEO of CryptoQuant – a leading on-chain analysis firm, suggests that a closer look might reveal more subtle details.
Bitcoin (BTC) to $58,974: Scary prediction by CryptoQuant CEO
As a crypto investor, I find myself pondering over the prediction made by CryptoQuant’s CEO Ki Young Ju today – that Bitcoin (BTC), the leading cryptocurrency, could potentially end 2024 at around $58,974. While it’s an intriguing forecast, I sincerely hope it doesn’t come true, for it would mean missing out on the incredible surge we saw yesterday when Bitcoin hit an all-time high of over $77,200 on major spot exchanges.
Just one day left. For me, it’s $58,974. Hope I’m wrong.
— Ki Young Ju (@ki_young_ju) November 9, 2024
Based on the CryptoQuant CEO’s forecast, it seems we might witness a decline of approximately 24% for Bitcoin. However, historically, there’s a phenomenon known as the “Santa Claus Rally” where prices tend to rise during December. Given this, Bitcoin investors should brace themselves for potential further decreases.
Ki Young Ju is currently conducting predictions for those who pay for his service. The user who makes the most accurate guess will receive a prize of 0.1 Bitcoins, which equates to approximately $7,662 in today’s market value.
As a crypto investor, I’m incredibly excited about the potential growth of Bitcoin (BTC) by the end of Q4, 2024. In fact, more than half of the analysts I follow have shared optimistic forecasts that include six digits.
historically, forecasting Bitcoin’s (BTC) behavior in December has been a difficult endeavor due to its unpredictable patterns over the past decade. According to CoinGlass, during this period, December has seen both positive (green) and negative (red) months, with an equal number of each occurring five times.
It’s worth mentioning that the final month of 2020, which was December, saw Bitcoin prices reach their highest point in nearly five years, experiencing an impressive increase of approximately 46.92%.
Most brutal week for Bitcoin (BTC) bears in months
Among all months, only December, similar to August, exhibits an average return that is positive, while its median return remains negative, based on the analysis of data from 2013 to 2024.
Over the past week, the Bitcoin (BTC) community has experienced renewed enthusiasm. With the conclusion of the long-running U.S. presidential election and the predicted Federal Reserve interest rate reduction, Bitcoin reached an unprecedented peak in value.
Over the past three days, unexpected surges in Bitcoin (BTC) prices left the short sellers off balance, resulting in them having to close approximately $300 million worth of their short positions.
For all cryptocurrencies combined, this metric exceeded a whopping $750 million.
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2024-11-09 15:23