CryptoQuant CEO Ki Young Ju said Bitcoin might end the year below $59,000. The overheated markets for futures was cited as the main reason.
In a Nov. 9 post Ki told X that he believes Bitcoin will close at $58,974 for 2018. He then asked the other participants to make a guess on what the Bitcoin price would be. Ki also said he was willing to pay 0.1 BTC if the answer was the most accurate.
“I expected corrections as BTC futures market indicators overheated, but we’re entering price discovery, and the market is heating up even more,” Ki said.
“If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market, [in my opinion].”
“Hope I’m wrong,” He added his own original. post.
Bitcoin is currently showing a record level of open interest — a measure of how many active positions are open on Bitcoin derivatives like futures and options — at nearly $50 billion, per CoinGlass data.
The open interest in Bitcoin has reached record highs. Source: CoinGlass
Ben Simpson, the CEO of Collective Shift told Cointelegraph he was open to a cutback down to $58,000, and despite that, it would be a significant one. “very unlikely” The end of the year is approaching.
“With the Trump election, interest rates coming down, the potential for quantitative easing starting up in the future, and getting relatively consistent days of a billion dollars Bitcoin ETF volume, more people are catching on,” “He said”
Bitcoin’s price has risen 17.3% over the past seven days. It briefly climbed to an all-time record of $81,570, on November 10.
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Inflows into the 11 Bitcoin ETFs that are listed on the spot market totaled $1.6billion last week. According to Bloomberg, Nov. 7 was the biggest day ever for net inflows. data Farside Investors
Inflows into Spot BTC-related ETFs were record last week as Bitcoin prices reached new heights. Source: FarSide Investors
“When you’ve got a limited supply asset like Bitcoin and the amount of demand that’s coming in, the space is only going one way,” Simpson, said
“In previous cycles, 20-30% corrections are completely normal, but the slow grind higher for Bitcoin has been so exciting to see because the pullbacks are only between five and six percent so far,” Simpson added.
“The market structure is looking super strong. There’s always the potential to dip suddenly but I think we keep moving higher.”
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Source: cointelegraph.com
