CryptoQuant CEO: Due to the "overheating" of the futures market, the year-end price of Bitcoin may fall below 59,000 US dollars

CryptoQuant CEO Ki Young Ju believes that the price of Bitcoin may be slightly lower than $59,000 by the end of the year, pointing out that an overheated futures market is one of the main reasons for a sharp drop at year-end. Ki recently posted on X stating that he expects Bitcoin's year-end price to fall to $58,974 and asked others for their views on the year-end price. He added that he would pay 0.1 BTC to whoever comes closest.

He said: "I expect overheating in the bitcoin futures market will lead to adjustments, but we are entering a phase of price discovery and markets are heating up further. If there is a pullback and consolidation, it could prolong the bull market; however, in my view, a crash at year-end might set us up for a bear market in 2025 - I hope my prediction is wrong."