As Bitcoin continues to rise and break through $80,000, Blockchain data analysis company CryptoQuant's founder and CEO Ki Young Ju has expressed his bearish outlook, believing that BTC may fall below $60,000 by the end of this year.
Ki Young Ju is hosting a giveaway for CryptoQuant's paid users to predict BTC's closing price in 2024, and he shared his own prediction. He believes the price may reach $58,974 and said "I hope I'm wrong."
Ki Young Ju's prediction is based on the situation in the futures market, and he wrote:
"I expect a correction as the BTC futures market indicators overheat, but we are entering the price discovery phase, and market sentiment may even further increase. If there is a correction and consolidation, the bull market may be extended; however, a strong year-end rally may lay the foundation for a bear market in 2025, which is my personal view."
BTC has risen about 20% from the US election day (November 6, Taiwan time) to the present, with a trading price of $81,420 before the deadline. According to data from the cryptocurrency derivatives analysis platform Coinglass, the BTC contract open interest (OI) on exchanges has continued to hit new highs, currently reaching $49.2 billion, and the BTC long-short funding rate reached 0.0396% earlier today.
