Bitcoin is at the moment rewriting its all-time excessive, thanks primarily to the outcomes of the lately concluded US elections and growing inflows into Bitcoin ETFs. Days earlier than the election, Bitcoin struggled to carry the $70k degree, 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 taking a look at extra upside for Bitcoin.
Supply: Bitstamp
However there are just a few contrarian opinions out there proper now, saying that the asset is up for a correction. Ki Younger Ju, CryptoQuant’s CEO, gives a stunning prediction for Bitcoin: the world’s prime digital asset will commerce beneath $60k by year-end.
Simply someday left. For me, it’s $58,974. Hope I’m improper. https://t.co/ALUa0nvlMT
— Ki Younger Ju (@ki_young_ju) November 9, 2024
CEO Makes Surprising Bitcoin Worth Prediction
In accordance with a Twitter/X submit by Ki Younger Ju, the market is up for some main disappointment. After Bitcoin hit $77k, he expects that there can be a pattern reversal within the subsequent few weeks, with Bitcoin ending the 12 months at $58,897.
Ki Younger Ju’s daring prediction contrasts with the rising refrain of analysts saying that Bitcoin’s steady surge is predicted till subsequent 12 months.
Nonetheless, Younger Ju provided a disclaimer, saying he might be improper. The CEO’s submit on Bitcoin got here when the asset traded on the $77k, briefly topping $79k.
XXX market cap at the moment at $1.57 trillion. Chart: TradingView.com
Market Can Count on A 24% Drop In The Asset’s Worth
Younger Ju’s Bitcoin worth prediction represents an enormous 24% worth drop. Earlier than making the prediction, he additionally requested his followers on Twitter/X to guess the attainable Bitcoin worth at year-end.
The submit added that he’d give 0.01 BTC or roughly $7,600 on the present worth to anybody who can provide the closest guess. Nonetheless, solely paid customers of CryptoQuant can take part.
The CryptoQuant CEO’s submit instantly garnered a whole lot of posts and re-shares, with conflicting predictions for Bitcoin. The range in customers’ solutions is predicted since predicting the asset’s worth by year-end is commonly difficult.
Based mostly on CoinGlass information, the highest crypto notched reds in 5 months and crimson within the different 5 during the last decade. Bitcoin is historically unstable each year-end, and it’s usually influenced by “the Santa Claus rally.”
Market Information And Outcomes Of US Elections At the moment Dictating Bitcoin’s Worth
Ki Younger Ju’s prediction on social media has gained traction and obtained a whole lot of replies. Though the CEO provided a contrarian opinion, many within the trade nonetheless have a look at the asset’s upside as a consequence of favorable market and macroeconomic circumstances. Some analysts say that the outcomes of the US elections and the latest Federal Reserve charge reduce sparked Bitcoin’s rally.
Bitcoin’s present worth 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
