Bitcoin is currently rewriting its all-time record, primarily thanks to the results of a recent transaction US elections and increasing inflows into Bitcoin ETFs. A few days before the elections, Bitcoin had difficulty maintaining the level of 70,000. dollars, briefly reaching 73 thousand dollars.
Immediately after the election, Bitcoin launched another mini-run, reaching $77,262 and briefly over 79 thousand dollars for the first time. With favorable market and political conditions, many traders and analysts are looking for further gains for Bitcoin.
Source: Bitstamp
However, there are currently several conflicting opinions on the market saying that the assets are facing a correction. Ki Newborn Ju, CEO of CryptoQuant, presents a shocking prediction for Bitcoin: by the end of the year, the price of the world’s largest digital asset will be below 60,000. dollars.
There’s only one day left. For me that’s $58,974. I hope I’m wrong. https://t.co/ALUa0nvlMT
— Ki Newborn Ju (@ki_young_ju) November 9, 2024
CEO shockingly predicts Bitcoin price
According to Ki Newborn Ju’s post on Twitter/X, the market is in for a major disappointment. After Bitcoin reached 77 thousand dollars, it is expected that the trend will reverse in the next few weeks, and Bitcoin will end the year at $58,897.
Ki Newborn Ju’s bold prediction contrasts with a growing chorus of analysts claiming that Bitcoin’s continued rise in value is expected well into next year.
Despite this, Newborn Ju cautioned that he could be wrong. The CEO’s post about Bitcoin appeared when the asset’s price was at 77,000. dollars, for a miniature time exceeding 79 thousand. dollars.
XXX market cap currently at $1.57 trillion. Chart: TradingView.com
The market can expect a 24% decline in the asset price
Newborn Ju’s Bitcoin price prediction sees a massive 24% price drop. Before making his prediction, he also asked his followers on Twitter/X to guess the possible price of Bitcoin at the end of the year.
The post added that it would give 0.01 BTC, or about $7,600 at the current price, to anyone who could provide the closest answer. However, only paid CryptoQuant users can participate.
The CryptoQuant CEO’s post immediately sparked hundreds of posts and shares, making conflicting predictions about Bitcoin. Variety of user responses is expected because predicting the year-end price of an asset is often challenging.
Based on CoinGlass datathe highest cryptocurrency rates in the last five months and red in the remaining five over the last decade. Bitcoin traditionally has year-end volatility and is often impacted by a “Santa rally.”
Market data and US election results currently dictate Bitcoin’s price
Ki Newborn Ju’s predictions posted on social media went viral and received hundreds of responses. While the CEO expressed a different view, many in the industry continue to see the asset’s benefits due to favorable market and macroeconomic conditions. Some analysts say the US election results and the Federal Reserve’s recent interest rate cut have triggered Bitcoin’s rally.
Bitcoin’s current price action has many traders and investors looking for profitable opportunities. Some investors share Ki Newborn Ju’s sentiments and are preparing for a correction, while others are focusing on asset fundamentals. The CEO’s position only reflects the volatility and uncertainty of the asset, even in favorable market conditions.
Featured image from Midjourney, chart from TradingView
