As a seasoned market analyst with over two decades of experience in various financial markets, I find myself intrigued by the latest projections from Ki Young Ju, the CEO of CryptoQuant. His revised price predictions for Bitcoin, particularly the $135,000 ceiling and 2024 price target of $112,000, are certainly eye-catching, to say the least.
According to the latest analysis from Ki Young Ju, founder and CEO of CryptoQuant, he has adjusted his previous predictions for Bitcoin (BTC) prices and now forecasts a maximum price of around $135,000, with an estimated price target of approximately $112,000 by 2024.
The CEO explained that capital flows into the Bitcoin market, including those from exchange-traded funds and products, support these price predictions. Ju indicated that these are “current” projections — a signal that the forecast is subject to change. The CEO also offered a word of caution to traders:
“Please note that this doesn’t mean we aren’t getting corrections. As I mentioned earlier, the futures perp market is overleveraged. Stay long-term bullish, but be cautious with leverage if you’re a trader.”
Ju has cautioned investors and speculators that the BTC-USDt (USDT) market has become overleveraged, with a ratio of 2.7 times more than it was in early 2024. The liquidation of these leveraged long positions can lead to a decrease in Bitcoin’s price, and a series of such liquidations could cause a substantial drop in its value.
Bitcoin bull run triggered, but where is price going next?
The CEO of CryptoQuant confirmed that we’re currently experiencing a rising market for Bitcoin, and it’s expected to increase further. However, as Bitcoin’s value continues to evolve, opinions among data-driven analysts differ on its future direction.
Recently, contributor Percival from CryptoQuant proposed an idea suggesting that investors who have owned Bitcoin for over 155 days might be cashing out at the price point of around $90,000.
According to the contributor, this specific group of long-term Bitcoin holders doesn’t reflect the overall population, and he anticipates that many more long-term holders will stay invested, hoping for larger returns. In simpler terms, Percival mentioned that not all long-term Bitcoin owners are like this particular group we’re looking at now; instead, he believes many others will continue to hang on in the hope of bigger profits later.
“Through Realized Price UTXO Bands, we see that long-term holders are not looking at $90K. Bitcoin has to reach higher levels and prices to realize profits of more than 10x.”
As a researcher delving into the realm of cryptocurrencies, I’ve come across BaroVirtual’s prediction suggesting a potential Bitcoin price correction to around $70,000 as it navigates towards the $100,000 mark. Yet, other analysts in this field posit that a significant correction might be evaded if the price of Bitcoin manages to stay above the $85,000 threshold during the forthcoming weeks and months.
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2024-11-17 20:39