CryptoQuant CEO Ki Young Ju has made a surprising prediction about Bitcoin's price decline by the end of 2024, shocking the market after the asset's recent price surge.
Prediction for End of 2024
Ki Young Ju has suggested that Bitcoin could close the year at $58,897, indicating a 24% drop from the recent all-time high of $77,252.75. He also mentioned the possibility of inaccuracy in his prediction. Previously, he asked his followers to predict Bitcoin's year-end price with a pledge to reward the closest guess with 0.1 BTC.
Macroeconomic Events and Market Impact
Macroeconomic events, such as the US presidential elections and the Federal Reserve's policy changes, have influenced Bitcoin's upward trend. Although Ki Young Ju's remarks sparked debates, investors continue to seek opportunities in market fluctuations, with several seeing this as a chance to buy amid strong fundamentals.
Uncertainty and Volatility in Cryptocurrency
Year-end rallies, like the 'Santa Claus Rally', add uncertainty to Bitcoin predictions. While the market can yield both positive and negative outcomes, participants must stay cautious. Ki Young Ju's stance highlights the continuous volatility and unpredictability of the crypto space, even amid positive market signs for investors.
Ki Young Ju's predictions contribute to 2024's end uncertainty, emphasizing the importance of understanding long-term trends and both macroeconomic and market level events influencing Bitcoin.
