CryptoQuant CEO: Bitcoin may correct due to overheated futures market, speculated to drop to $58974

As Bitcoin continues to rise and break through $80000, Ki Young Ju, founder and CEO of CryptoQuant, a blockchain data analysis company, expressed his bearish view, believing that Bitcoin may fall below $60000 by the end of this year.

Ki Young Ju held a reward event for CryptoQuant's paying users to predict the closing price of Bitcoin in 2024 and shared their predictions. He believed that the price could reach $58974 and said, 'I hope I'm wrong.'.

Ki Young Ju's prediction is based on the situation in the futures market, and he wrote:

I expect a correction as btc futures market indicators overheat, but we are entering the price discovery phase and market heat may even rise further. If there is a correction and consolidation, the bull market may be prolonged; however, a strong year-end rebound may lay the foundation for a bear market in 2025, in my personal opinion

According to data from cryptocurrency derivatives analysis platform Coinglass, the open interest (OI) of BTC contracts on the exchange continues to rise, currently reaching $49.2 billion, while the BTC position weighted funding rate reached 0.0396% earlier today.