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 the current Bitcoin (BTC) the bullish phase will last until the first months of 2025.
I swear tells His 351,000 followers on social media platform X say that while they see potential further downside for Bitcoin, perhaps near the $47,000 level, they still expect the bull market to continue into early next year.
“I believe the Bitcoin bull cycle will continue until early next year.
For those operating on the spot market, it would be advisable to use DCA (dollar cost averaging), keeping in mind that from here on the price could drop to $47,000.
If you are not an experienced futures trader, do not take highly leveraged long or short positions based on my tweets.
Over the past month I have been indirectly warning against excessive risk, but it seems some people are still taking highly leveraged long positions based on my tweets about the long-term cycle.
My tweets come from a long-term spot trading and cycle perspective. Warnings of corrections are hints of risk. Always DYOR (do your research).”
When asked for a potential price target for the peak of the bull market, Ju revealed a prediction based on a realized market cap indicator, an on-chain metric that looks at the price each Bitcoin in a given cohort last traded at relative to its current market value.
“$112,000 at the peak of the cycle.”
Source: Ki Young Ju/X
Ju also says that the current uncertainty over whether Western governments will sell seized bitcoins is likely overblown, given the relatively small market share of the coins they hold.
“The government’s sale of Bitcoin is overrated.
Since 2023, $224 billion has flowed into this market. Government-seized BTC contributes about $9 billion to the realized limit.
It represents only 4% of the total cumulative value realized since 2023. Don’t let the government sell FUD (fear, uncertainty and doubt) and ruin your trades.”
Source: Ki Young Ju/X
At the time of writing, Bitcoin is trading at $57,879.
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Disclaimer: The views expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any loss you may incur is your own responsibility. The Daily Hodl does not recommend buying or selling 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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