CryptoQuant: Bitcoin Could Fall to $58,000 This Year

The CEO of CryptoQuant, Ki Young Ju, predicts that Bitcoin’s price may dip below $59,000 by the end of the year due to an overheated futures market.

In a post on November 9th, Ki stated that he expects Bitcoin to close the year at $58,974 and offered a reward of 0.1 BTC to the person who can come closest to predicting the final price.

He also noted that Bitcoin’s open interest, which measures the number of active positions on derivatives such as futures and options, has reached a record high of nearly $50 billion according to CoinGlass data.

Ki expressed concern about a potential bear market in 2025 if a strong year-end rally occurs, but clarified that he hopes his prediction is proven wrong.