Be Short on Bitcoin! The CEO of CryptoQuant warns that “it will fall below 59,000 magnesium” before the end of the year, and you will get 0.1 BTC if you think about the price

The price of Bitcoin has continued to rise strongly in recent days, reaching a peak of nearly $82,000 today, setting a new all-time high again However, Ki Young Ju , CEO of CryptoQuant, is bearish and believes that Bitcoin could fall below $59,000. by the end of this year, the Bitcoin income market has become overheated.
(Previous Summary:V Bitcoin broke through $81,500 and reached a new high, while Ethereum hit $3,250 “Double kill of longs and shorts” and over 210,000 people dumped their positions.)
(Development background:Bitcoin broke through 79,700 Mg and “hit the door at 80,000 U”! BTC micro strategy floating profit is more than 10 billion magnesium)

beautifulRepublican presidential candidate Trump declared victory last week, and the industry is generally optimistic that Trump will reduce regulatory pressure, promote currency-friendly policies, and try to deliver on the promise of the -his campaign to achieve to make the United States a global cryptocurrency center, promoting the price of Bitcoin. in the past dayschase himClose to 82,000 US dollars, again reaching a new all-time high, with an increase of almost 20% in the last 7 days.

The CEO of CryptoQuant warns of an upcoming bear market

However, CryptoQuant CEO Ki Young Ju recently issued a statementpredictthe price of Bitcoin at the end of the year may be slightly less than 59,000 US dollars, and he thought it would be 58,974 US dollars, indicating that overheating in the futures market is one of the main reasons for the fall of Bitcoin. :

I expect there to be a correction as the Bitcoin futures market signals are crossing over, but we are entering the price discovery phase and the market is heating up further. If there is a pullback and consolidation, the bull market may continue, however, in my opinion, a strong rally towards the end of the year may set the stage for a bear market in 2025, and I hope I’m wrong.

I expected corrections as the BTC futures market signals crossed over, but we are entering price discovery, and the market is heating up even more.

If a correction and consolidation occurs, the bull run may extend; however, a strong year-end 2025 rally could set up a bear market,…

— Ki Young Ju (@ki_young_ju) November 10, 2024

Before that, Ki Young Ju had appeared on the 4thspreadThere will be a prize for answering questions.

Ki Young Ju shared a circular chart of Bitcoin last week to explain why he made this prediction. subsides, the BTC it holds hands will change, and the current market environment is consistent with this situation.

Ki Young Ju believes that Bitcoin could have a potential increase of 30-40% in this cycle, but warned that it is not possible to see Bitcoin increase by 368% from US $ 16,000 and experience get exponential growth like the previous cycle:

In my opinion, it is time to consider a gradual sale rather than a buyout.

New investors often hold $BTC through bear markets, permanent losses.

After about two years, it changes hands when the pain subsides. That time is now.

It could go up +30-40% from here, but not like the +368% we saw from $16K. Time to consider a gradual sale, not an all-in buyout, imo. pic.twitter.com/hXRT6YBsxS

— Ki Young Ju (@ki_young_ju) November 6, 2024

Analysts are generally optimistic

However, compared to Ki Young Ju who is bearish, the market is currently optimistic about the market outlook.

JP Morgan announced last weekStatementoptimistic about the performance of Bitcoin after Trump takes office, believing that Bitcoin will continue to benefit from the victory of the Republican Party in the US presidential election, and that its price will continue to rise for at least eight weeks, indicating that Trump has been at it again. expressed support for the digital asset industry and increased taxes, both policies could benefit Bitcoin in the end.

Standard Chartered Bank publishes an optimistic reportpredictBitcoin reached a new high of US$125,000 by the end of this year and will surpass US$200,000 by the end of next year, citing Trump’s multi-cryptocurrency promises, including firing the SEC Chairman of the USA Gary Gensler, including Bitcoin in the national strategic reserve, and the Founder of the United States as a Bitcoin superpower this gathering will be on.

Alex Thorn, director of Galaxy Research, toothinkcurrently there are no signs of overheating in the long positions market.

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