Ki Young Ju, CEO of CryptoQuant, has made predictions about Bitcoin ’s year-end price, suggesting it may settle at approximately $58,974. He bases this estimation on indicators pointing to an overheated futures market, which could lead to a decrease in Bitcoin ’s value as the year concludes. Ki expressed concern over the current state of the market, noting that while price discovery is ongoing, significant corrections and consolidations could set the stage for a prolonged bull run. However, he cautioned that a robust rally at the end of the year might pave the way for a potential bear market in 2025.
The cryptocurrency has recently reached a milestone in terms of open interest, which refers to the total number of active open positions in Bitcoin derivatives like futures and options. Current statistics indicate that this figure has surged to nearly $50 billion, signaling strong market activity.
Meanwhile, Ben Simpson, CEO of Collective Shift, acknowledged that while a dip to around $58,000 is achievable, he views it as an unlikely scenario for the remainder of the year. Several factors, including the upcoming presidential election, the potential easing of interest rates, and robust daily trading volumes from Bitcoin ETFs have contributed to growing market optimism.
Bitcoin recently experienced a significant climb, increasing by 17.3% over a week and briefly hitting a new all-time high of $81,570. Remarkably, spot Bitcoin ETFs saw a record inflow of $1.6 billion last week alone, with peak inflows occurring on November 7. Experts emphasize that the limited supply of Bitcoin combined with rising demand suggests an upward trajectory for the asset, despite the inevitability of some price corrections. Overall, the prevailing market conditions appear stable, even as unexpected dips may occur.
