Originally published on: November 11, 2024
The CEO of CryptoQuant, Ki Young Ju, believes that Bitcoin may close out the year at a price below $59,000. He attributes this potential tumble to an overheated futures market that is causing indicators to overheat.
In a recent post on X, Ki shared his prediction that Bitcoin could end the year at $58,974. He even challenged others to guess the year-end price and offered a reward of 0.1 BTC to the person with the most accurate prediction.
While acknowledging the possibility of corrections due to the overheated futures market, Ki mentioned that the market is entering a phase of price discovery, leading to further heating up of the market.
Despite the record levels of open interest on Bitcoin derivatives like futures and options, totaling nearly $50 billion, some experts remain skeptical about the likelihood of Bitcoin dropping to $58,000 by the end of the year.
Ben Simpson, the CEO of Collective Shift, considers a pullback to $58,000 highly unlikely, citing factors like the Trump election, declining interest rates, potential quantitative easing, and increasing Bitcoin ETF volumes.
In the past week, Bitcoin’s price has surged by 17.3%, reaching a new all-time high of $81,570 on Nov. 10. This bullish trend has coincided with significant inflows into spot Bitcoin ETFs, totaling $1.6 billion last week.
Despite the potential for corrections, Simpson remains optimistic about Bitcoin’s future, pointing to its limited supply, increasing demand, and strong market structure. He believes that Bitcoin’s gradual uptrend, with minor pullbacks, indicates a promising outlook for the cryptocurrency.
As Bitcoin continues to capture the attention of investors and traders worldwide, the market remains dynamic and full of potential opportunities for those keen on navigating the digital asset landscape. Stay informed with the latest trends and developments in the crypto world by subscribing to our Crypto Biz newsletter for a weekly snapshot of key business insights in blockchain and cryptocurrency.
