- CryptoQuant’s CEO expects Bitcoin to close at $58,897 by year-end, a 24% drop from its all-time high.
- Ki Young Ju promised 0.1 BTC to the closest end-of-year Bitcoin price guess from CryptoQuant users.
- Market volatility remains high with year-end factors like the U.S. election and Fed rate shifts in focus.
CryptoQuant CEO Ki Young Ju has made a striking prediction that Bitcoin will close out 2024 below $60,000, despite reaching a new all-time high of $77,252.75. His forecast suggests Bitcoin might finish the year at approximately $58,897, marking a notable 24% drop from its recent peak, as reported by Coinmarketcap.
Ju’s forecast has stirred discussions among Bitcoin enthusiasts, especially as it contrasts with the prevailing sentiment of continued growth.
In a recent post on the social media platform X, Ju challenged his followers to predict Bitcoin’s closing price for 2024. He promised a 0.1 BTC reward to any CryptoQuant paid user who submits the most accurate guess, equating to approximately $7,600 at current rates.
This prediction stands out given Bitcoin’s impressive recent performance and has prompted diverse reactions, with some users betting on six-digit price targets and others opting for more moderate estimates.
Historically, Bitcoin’s price has shown mixed patterns in December, influenced by factors like the so-called “Santa Claus Rally,” which often introduces heightened volatility in late-year markets.
In past years, this seasonal effect has led to bullish and bearish swings in Bitcoin’s price, contributing to the complex calculations that investors face at year’s end.
Market analysts are cautious, noting that while historical trends offer context, Bitcoin’s price trajectory is also shaped by real-time economic indicators.
Broader macroeconomic events are expected to impact the market as 2024 nears its end. The upcoming U.S. presidential election and potential Federal Reserve rate adjustments have already spurred Bitcoin’s rise to record levels this year.
Despite the anticipation surrounding these events, Ju’s outlook suggests a corrective move in the near term, a prediction that aligns with the broader sentiment of caution amid high volatility.
While many investors still express optimism about Bitcoin’s fundamentals, others view potential price corrections as opportunities to accumulate holdings. In contrast, some in the market have aligned with Ju’s forecast, highlighting the cryptocurrency’s unpredictable nature.
For now, the CryptoQuant CEO’s prediction remains one of many possible outcomes for Bitcoin as it navigates the challenges and opportunities of a volatile market landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
