Bitcoin is at present rewriting its all-time excessive, thanks primarily to the outcomes of the just lately concluded US elections and rising inflows into Bitcoin ETFs. Days earlier than the election, Bitcoin struggled to carry the $70k stage, briefly hitting $73k.
Instantly after the elections, Bitcoin unleashed one other mini-run, hitting $77,262 and briefly topping $79k for the primary time. With favorable market and political circumstances, many merchants and analysts are extra upside for Bitcoin.
Supply: Bitstamp
However there are just a few contrarian opinions available in the market proper now, saying that the asset is up for a correction. Ki Younger Ju, CryptoQuant’s CEO, affords a surprising prediction for Bitcoin: the world’s high digital asset will commerce under $60k by year-end.
Simply someday left. For me, it’s $58,974. Hope I’m mistaken. https://t.co/ALUa0nvlMT
— Ki Younger Ju (@ki_young_ju) November 9, 2024
CEO Makes Surprising Bitcoin Value Prediction
Based on a Twitter/X submit by Ki Younger Ju, the market is up for some main disappointment. After Bitcoin hit $77k, he expects that there shall be a development reversal within the subsequent few weeks, with Bitcoin ending the yr at $58,897.
Ki Younger Ju’s daring prediction contrasts with the rising refrain of analysts saying that Bitcoin’s steady surge is anticipated till subsequent yr.
Nonetheless, Younger Ju provided a disclaimer, saying he might be mistaken. The CEO’s submit on Bitcoin got here when the asset traded on the $77k, briefly topping $79k.
XXX market cap at present at $1.57 trillion. Chart: TradingView.com
Market Can Count on A 24% Drop In The Asset’s Value
Younger Ju’s Bitcoin value prediction represents a large 24% value drop. Earlier than making the prediction, he additionally requested his followers on Twitter/X to guess the doable Bitcoin value at year-end.
The submit added that he’d give 0.01 BTC or roughly $7,600 on the present value to anybody who can supply the closest guess. Nonetheless, solely paid customers of CryptoQuant can take part.
The CryptoQuant CEO’s submit instantly garnered lots of of posts and re-shares, with conflicting predictions for Bitcoin. The variety in customers’ solutions is anticipated since predicting the asset’s value by year-end is commonly difficult.
Based mostly on CoinGlass knowledge, the highest crypto notched reds in 5 months and purple within the different 5 during the last decade. Bitcoin is historically risky each year-end, and it’s usually influenced by “the Santa Claus rally.”
Market Information And Outcomes Of US Elections Presently Dictating Bitcoin’s Value
Ki Younger Ju’s prediction on social media has gained traction and obtained lots of of replies. Though the CEO provided a contrarian opinion, many within the business nonetheless have a look at the asset’s upside resulting from favorable market and macroeconomic circumstances. Some analysts say that the outcomes of the US elections and the current Federal Reserve price lower sparked Bitcoin’s rally.
Bitcoin’s present value motion pushes many merchants and buyers to hunt worthwhile alternatives. Some merchants share Ki Younger Ju’s sentiment and are bracing for a correction, whereas others are centered on the asset’s fundamentals. The CEO’s place solely displays the asset’s volatility and uncertainty, even in favorable market circumstances.
Featured picture from Midjourney, chart from TradingView
