CEO of the blockchain analytics platform CryptoQuant, Ki Young Ju, has revised his previous forecast for a decline in the Bitcoin rate. According to him, the price of the first cryptocurrency could reach $112,000 by the end of the year.
Ki Young Ju stressed that the positive momentum for the first cryptocurrency is far from over. However, he warned investors that corrections are possible as the futures market is heavily leveraged.
“Bitcoin outlook revised. Stay long-term bullish, but be careful with leverage if you’re a trader. We’re in a bull market and Bitcoin will continue to rise,” said the CryptoQuant CEO.
It was expected that the liquidations of long positions with leveraged funds would put strong pressure on the value of the first cryptocurrency and reduce the price of the asset, but now the situation has changed, explained Ki Young Ju.
The analyst also noted that there are currently large inflows of stablecoins to cryptocurrency exchanges amid Donald Trump’s victory in the US presidential election, and investors are expecting changes in regulatory policies regarding the industry.
Earlier, Ki Young Ju said that the rate of the first cryptocurrency will not reach a new maximum by the end of the year, but will fall to $58,974. He suggested that a stable bearish trend will form in 2025.
