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CryptoQuant CEO Ki Young Ju projects Bitcoin’s price ceiling at $135K, but analysts highlight leveraged market risks that could lead to a correction to $70K. ETF inflows and bullish trends fuel optimism amid market uncertainty.
CryptoQuant CEO Projects $135,000 Bitcoin Ceiling for 2024
In his most recent quantitative examination of Bitcoin's price activity, Ki Young Ju, creator and CEO of CryptoQuant, has altered past price predictions and is now predicting a $135,000 ceiling for Bitcoin, with a price goal of $112,000 for 2024.
According to the CEO, these price predictions are backed by the capital flows into the Bitcoin market, which include investments from exchange-traded funds and products. According to Ju, these are "current" forecasts, which means the prognosis could alter. Additionally, the CEO cautioned traders:
"Please note that this doesn't mean we aren't getting corrections. As I mentioned earlier, the futures perp market is overleveraged. Stay long-term bullish, but be cautious with leverage if you're a trader."
Overleveraged Futures Market Poses Correction Risks
The BTC-USDt permanent market is around 2.7 times more leveraged than it was in early 2024, according to a recent warning from Ju, who issued a warning to market speculators and investors. The price of Bitcoin falls when people sell their leveraged long bets, and the price can fall much more when other people do the same.
"We're in the bull market, Bitcoin will go up," the CEO of CryptoQuant admitted. However, as Bitcoin's price continues to reveal itself, quantitative analysts are divided on the cryptocurrency's future trajectory.
Long-Term Holders Target Bigger Gains Beyond $90K
Some long-term Bitcoin holders, according to Percival of CryptoQuant, were cashing out at the $90,000 price point. This refers to individuals who had held the asset for 155 days or more.
The author added that this subset of Bitcoin investors is not typical and predicted that more long-term holders will hang on for bigger gains. Notated by Percival:
"Through Realized Price UTXO Bands, we see that long-term holders are not looking at $90K. Bitcoin has to reach higher levels and prices to realize profits of more than 10x."
Potential Correction to $70K Before $100K Milestone
Another contributor to CryptoQuant, BaroVirtual, noted that the decentralized currency could see a price fall to $70,000 before reaching $100,000. If Bitcoin's price stays above $85,000 in the next weeks and months, though, several analysts think a significant correction is avoidable.
