With Bitcoin climbing higher and achieving bigger milestones triggered by a Trump win in the US Presidential elections, more and more traders expect the rally to continue and expand to the next year. Bitcoin also finally set its new all-time high and is currently trading around $75,995.
However, the founder and CEO of Cryptoquant, Ki Young Ju, does not share the same view, as he has made a startling Bitcoin prediction.
Shocking Prediction For Bitcoin
In the latest X Post, Ki Young Ju shared that the Bitcoin close price for 2024 could be $58,974, although he hopes that he is wrong. This prediction was surprising as just yesterday, Bitcoin posted an all-time high of over $77,200 on major spot exchanges.
Notably, CryptoQuant CEO’s prediction marks an almost 24% drop for the orange coin. Ki Young Ju is running a forecast prediction for Cryptoquant paid users. He noted that the closest bet will be rewarded with 0.1 BTC, which is equal to $7,662 at current prices.
With his X audience being more enthusiastic about Bitcoin prospects in late Q4, 2024, about half of the commentators made six-digit predictions.
Predicting Bitcoin’s performance in December is very a challenging task as, in the last 10 years, BTC has registered five “red” months and five “green” months, as per data from CoinGlass.
There was significant optimism in the Bitcoin (BTC) community last week after the election results and the much anticipated fed rate cut, that pushed Bitcoin to a new all-time high. This spike caught Bitcoin (BTC) bears unprepared. In just three days they suffered a net liquidation of short positions equal to one-third of a billion dollars. For all cryptocurrencies combined, the metric exceeded $750 million.
Ali Martinez Eyes Correction
Prominent analyst Ali Martinez in a recent post also shared that, while it could be just wishful thinking, he is also eyeing a correction to stack more Bitcoin.
“Looks like BTC broke down from a rising wedge, hinting at a target around $73,900. I’m also placing buy orders at $71,500 and $69,000 as a backup—let’s see where it goes,” he noted.
As for the altcoins, the analyst is bullish as he has recently shared that Notcoin broke out of the falling wedge, and its price is projected to increase 76% to $0.012. He also noted that Dogwifhat appears to be breaking out of a bull flag, which projects a 20% price increase to $2.84. Coming to Ethereum, the analyst expressed that “Ethereum at $3,000 today is just the beginning!”
What do you think? Are altcoins up for a major rally soon? Stay tuned
Source: https://coinpedia.org/news/cryptoquant-ceo-makes-scary-bitcoin-prediction-bitcoin-to-close-q4-at-58k/