As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The current Bitcoin rally is indeed intriguing, and the predictions by Ki Young Ju and Ben Simpson are thought-provoking.
According to CryptoQuant’s CEO, Ki Young Ju, there’s a possibility that the price of Bitcoin might drop to around $59,000 by the end of this year. He attributes this potential decrease mainly to an overly heated Bitcoin futures market.
On November 9th, Ki shared a post on X platform, expressing his belief that Bitcoin will end the year at approximately $58,974. He invited others on social media to share their predictions for the year-end closing price. If someone’s guess is the most accurate, Ki has promised to award them 0.1 BTC.
Ki mentioned that he anticipated adjustments would be made as Bitcoin futures market indicators became too heated, but now it seems we’ve moved into a phase of price exploration, and the market is getting even hotter.
“If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, [in my opinion].”
“Hope I’m wrong,” he added in his original post.
Currently, the open interest for Bitcoin – which signifies the number of ongoing positions in Bitcoin derivatives such as futures and options – is at an all-time high of approximately $50 billion, according to CoinGlass statistics.
On the contrary, Ben Simpson, CEO of Collective Shift, expressed to CryptoMoon that a drop to $58,000 could theoretically occur, but he finds such an event “extremely improbable” before the conclusion of 2021.
Following Trump’s election, decreasing interest rates, hints of future quantitative easing, and consistently high daily volumes of $1 billion for Bitcoin ETFs, there is an increasing awareness among many individuals,” he stated.
In the past week, the value of Bitcoin has significantly increased by 17.3%, reaching a fresh peak of $81,570 on November 10 before briefly doing so.
Over the past week, a group of 11 Bitcoin Exchange-Traded Funds (ETFs) collectively saw approximately $1.6 billion poured in as net investments. The most significant single-day influx was recorded on November 7th, marking a new high in these funds’ history, as per data from Farside Investors.
According to Simpson, when the supply of an asset like Bitcoin is restricted and there’s increasing demand for it, the trend can only head in one direction – upwards.
Previously, it’s common to experience corrections of around 20-30%, but what we’ve seen with Bitcoin lately is particularly thrilling. That’s because the declines have been relatively small, typically ranging from 5% to 6%. Simpson made this observation.
The market seems robust, with a tendency to surge. Although there’s a possibility of an unexpected drop, I believe it will primarily continue its upward trajectory.
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2024-11-11 05:25