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As Bitcoin (BTC) finally set a new all-time high triggered by U.S. presidential elections result, more and more traders predict the rally to expand in Q4, 2024-Q1, 2025. Ki Young Ju, founder and CEO of leading on-chain analysis firm CryptoQuant, says the picture might be more about nuances.
Bitcoin (BTC) to $58,974: Scary prediction by CryptoQuant CEO
Bitcoin (BTC), the largest cryptocurrency, might close 2024 at the $58,974 mark. CryptoQuant's CEO Ki Young Ju shared this prediction today on X, but hopes he is wrong. Yesterday, Bitcoin (BTC) posted an all-time high over $77,200 on major spot exchanges.
Just one day left. For me, it’s $58,974. Hope I’m wrong. https://t.co/ALUa0nvlMT
— Ki Young Ju (@ki_young_ju) November 9, 2024
As such, CryptoQuant CEO's prediction spells an almost 24% drop for the orange coin. Given the fact that in some years, the yearly close is preceded by a "Santa Claus Rally," Bitcoiners should be prepared for even more pain.
Ki Young Ju is running a forecast prediction for paid users of his service. The closest bet will be rewarded with 0.1 BTC, which is equal to $7,662 at current prices.
His X audience is more enthusiastic about the prospects for Bitcoin (BTC) in late Q4, 2024. About half of the commentators came out with six-digit predictions.
Historically, predicting Bitcoin (BTC) performance in December is a challenging task. In the last 10 years, BTC registered five "red" months and five "green" months, as per CoinGlass.
It should be noted that December 2020 — the previous last month of the halving year — was the best month for the BTC price in almost five years with a 46.92% upsurge.
Most brutal week for Bitcoin (BTC) bears in months
Alongside August, December is the only month with positive average returns and negative median ones, as per 2013-2024 observations.
The last week injected significant optimism into the Bitcoin (BTC) community. The end of the U.S. presidential elections saga and the much-anticipated Fed rate cut pushed the largest cryptocurrency to a new all-time high.
This spike caught Bitcoin (BTC) bears off guard. In just three days — Wednesday, Thursday and Friday — they suffered a net liquidation of short positions equal to one-third of a billion dollars.
For all cryptocurrencies combined, this metric exceeded a whopping $750 million.