CryptoQuant CEO Predicts Possible Bitcoin Dip to $58k This December
Bitcoin set a new all-time high of over $81,200 and seems poised to continue its bullish run into 2025.
Ki Young Ju, founder and CEO of Cryptoquant, has made a startling prediction: Bitcoin could close 2024 at $58,974. This represents a nearly 29% drop from its current price and flies in the face of the prevailing optimism within the crypto space.
Nonetheless, Bitcoin set a new all-time high of over $84,200 and seems poised to continue its bullish run into 2025. The latest prediction also coincide with other speculations that the asset may hit 100K.
While Ju acknowledges that his prediction might be wrong, he offers a compelling rationale for his outlook. He argued that the recent surge in Bitcoin’s price is a result of overheated futures market indicators, suggesting a correction might be on the horizon.
Ju’s prediction has sparked debate within the crypto space, with many commenting on his X post. Interestingly, while many see the potential for six-figure Bitcoin prices by the end of the year, his assessment highlights the inherent volatility of the crypto market.
Other Agree With CryptoQuant
Martinez, like many others, sees the potential for further bullish growth in Bitcoin, he also recognizes the possibility of a pullback. He has outlined potential price targets for a correction, indicating a potential drop to $73,900, followed by further potential support levels at $71,500 and $69,000.
Martinez’s outlook aligns with Ju’s, suggesting that a correction, while potentially painful for some, could ultimately be healthy for the long-term trajectory of the Bitcoin market. If a correction occurs, it could lead to a period of consolidation, allowing the market to regain equilibrium and potentially set the stage for a renewed bull run in the future.
However, the possibility of a correction does not necessarily preclude a strong year-end rally. A strong finish to 2024 could lay the groundwork for a bear market in 2025, as has historically been the case with Bitcoin.
However, the analyst is bullish on altcoins. He recently shared that Notcoin broke out of the falling wedge and its price is projected to increase 76% to $0.012. He also noted that Dogwifhat appears to be breaking out of a bull flag, projecting a 20% price increase to $2.84. Regarding Ethereum, the analyst exclaimed, “Ethereum at $3,000 today is just the beginning!”
