Markets
CryptoQuant CEO Says Bitcoin Bull Market Will Continue Into Next Year – Here’s His Price Target
Ki Young Ju, CEO of blockchain analytics platform CryptoQuant, says he expects current Bitcoin (Bitcoin) the upward trend is expected to last until the first months of 2025.
Ju tell His 351,000 followers on social media platform X say that while he sees further downside potential for Bitcoin, perhaps near the $47,000 level, he still anticipates the bull market continuing into early next year.
“I think the Bitcoin bull cycle will continue until early next year.
For those trading cash, it would be wise to DCA (dollar cost averaging) while keeping in mind that it could drop to $47,000 from here.
If you are not an experienced futures trader, do not open high leverage long or short positions based on my tweets.
Over the past month, I have been indirectly warning about excessive risk, but it seems that some people are continuing to open highly leveraged long positions based on my tweets about the long-term cycle.
My tweets are based on a long-term spot trading and cycle perspective. Correction warnings are risk statements. Always do your own research (DYOR).
When asked for a potential price target for the bull market top, Ju reveals a forecast based on a realized capitalization indicator — an on-chain metric that looks at the price at which each Bitcoin in a given cohort last moved as opposed to the current market value.
“$112,000 at the peak of the cycle.”
Source: Ki Young Ju/X
Ju also claims that the current uncertainty about Western governments selling their seized Bitcoins is likely overblown due to the relatively small market share of the coins they hold.
“Government Bitcoin sales are overstated.
$224 billion has flowed into this market since 2023. BTC seized by the government contributes about $9 billion to the realized cap.
This represents only 4% of the total cumulative value realized since 2023. Don’t let the government selling FUD (fear, uncertainty and doubt) ruin your transactions.
Source: Ki Young Ju/X
At the time of writing, Bitcoin is trading at $57,879.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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