Bitcoin has recently reached unprecedented heights, fueled by political shifts like a Trump victory in the US Presidential elections. This surge has prompted traders to anticipate a prolonged rally extending into the coming year. Currently, Bitcoin is trading at approximately $75,995, having achieved a new all-time high.
Shocking Prediction for Bitcoin
Despite the bullish sentiment, Ki Young Ju, the founder and CEO of CryptoQuant, has expressed a more cautious outlook. In a recent post, he predicted that Bitcoin’s closing price for 2024 might be around $58,974. This forecast is particularly surprising, given Bitcoin’s recent peak of over $77,200 on prominent exchanges. Ki Young Ju’s prediction suggests a potential 24% decrease in Bitcoin’s value, contrasting sharply with the optimistic six-digit forecasts from many commentators in his audience.
Predicting Bitcoin’s performance in December is notoriously difficult. Historical data from CoinGlass reveals that over the past decade, Bitcoin has experienced an equal number of positive and negative months in December. This unpredictability adds an extra layer of complexity to market forecasts.
Last week’s market dynamics were significantly influenced by the election results and a much-anticipated Federal Reserve rate cut, which drove Bitcoin to a new record high. This unexpected rally caught bearish traders off guard, leading to the liquidation of short positions totaling one-third of a billion dollars. The combined liquidation for all cryptocurrencies surpassed $750 million.
Analyst Ali Martinez Eyes a Market Correction
Renowned analyst Ali Martinez has also shared his perspective on the current Bitcoin trend. He suggests that a market correction might be on the horizon, which could present an opportunity to accumulate more Bitcoin. According to Martinez, Bitcoin’s recent breakdown from a rising wedge pattern points to a potential target of around $73,900. He has set additional buy orders at $71,500 and $69,000 to prepare for any further price drops.
Beyond Bitcoin, Ali Martinez remains optimistic about the prospects of various altcoins. Notcoin, for instance, has broken out of a falling wedge pattern, with projections indicating a 76% increase to $0.012. Similarly, Dogwifhat is showing signs of breaking out from a bull flag pattern, suggesting a potential 20% price rise to $2.84. Meanwhile, Martinez has expressed confidence in Ethereum, considering its current price of $3,000 as merely the beginning of its upward trajectory.
What do you think? Are altcoins gearing up for a significant rally soon? Stay tuned for more updates on the cryptocurrency market!
