Originally published on: November 11, 2024
As the year comes to a close, CryptoQuant CEO Ki Young Ju predicts that Bitcoin may see a slight drop, potentially ending the year at $58,974. Ki highlights the overheated futures market as a key reason for this end-of-year tumble.
In a recent post, Ki encouraged others to speculate on Bitcoin’s yearly close, offering a reward of 0.1 BTC to the person with the most accurate prediction. While acknowledging the possibility of corrections, Ki noted that the market is currently in a phase of price discovery, leading to increased volatility.
With Bitcoin’s open interest reaching a record high of nearly $50 billion, according to CoinGlass data, the market is buzzing with activity. Despite the optimistic outlook, some experts like Collective Shift CEO Ben Simpson believe that a pullback to $58,000 by year-end is unlikely.
Amidst the recent surge in Bitcoin’s price, hitting a new all-time high of $81,570 on Nov. 10, spot Bitcoin ETFs have witnessed significant inflows. The market environment, coupled with factors like the Trump election and changing interest rates, point towards a positive trajectory for Bitcoin.
While corrections are normal in Bitcoin’s price movements, the current market structure suggests a strong upward trend. As the demand for Bitcoin continues to rise, the potential for sudden dips remains, but overall sentiment remains bullish.
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