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Bitcoin is at the moment rewriting its all-time excessive, thanks primarily to the outcomes of the just lately concluded US elections and growing inflows into Bitcoin ETFs. Days earlier than the election, Bitcoin struggled to carry the $70k stage, 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 situations, many merchants and analysts are taking a look at extra upside for Bitcoin.
Supply: Bitstamp
However there are just a few contrarian opinions available in the market proper now, saying that the asset is up for a correction. Ki Younger Ju, CryptoQuant’s CEO, presents a stunning prediction for Bitcoin: the world’s high digital asset will commerce under $60k by year-end.
Simply at some point left. For me, it’s $58,974. Hope I’m mistaken. https://t.co/ALUa0nvlMT
— Ki Younger Ju (@ki_young_ju) November 9, 2024
CEO Makes Surprising Bitcoin Worth Prediction
In line with a Twitter/X publish by Ki Younger Ju, the market is up for some main disappointment. After Bitcoin hit $77k, he expects that there shall be a development 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 anticipated till subsequent 12 months.
Nonetheless, Younger Ju provided a disclaimer, saying he might be mistaken. The CEO’s publish 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 value prediction represents a large 24% value drop. Earlier than making the prediction, he additionally requested his followers on Twitter/X to guess the attainable Bitcoin value at year-end.
The publish added that he’d give 0.01 BTC or roughly $7,600 on the present value to anybody who can provide the closest guess. Nevertheless, solely paid customers of CryptoQuant can take part.
The CryptoQuant CEO’s publish instantly garnered lots of of posts and re-shares, with conflicting predictions for Bitcoin. The range in customers’ solutions is anticipated since predicting the asset’s value by year-end is commonly difficult.
Primarily based on CoinGlass information, the highest crypto notched reds in 5 months and crimson within the different 5 over the past decade. Bitcoin is historically risky each year-end, and it’s usually influenced by “the Santa Claus rally.”
Market Knowledge And Outcomes Of US Elections At the moment Dictating Bitcoin’s Worth
Ki Younger Ju’s prediction on social media has gained traction and acquired lots of of replies. Though the CEO provided a contrarian opinion, many within the business nonetheless take a look at the asset’s upside because of favorable market and macroeconomic situations. Some analysts say that the outcomes of the US elections and the current Federal Reserve fee reduce sparked Bitcoin’s rally.
Bitcoin’s present value 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 targeted on the asset’s fundamentals. The CEO’s place solely displays the asset’s volatility and uncertainty, even in favorable market situations.
Featured picture from Midjourney, chart from TradingView
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