Bitcoin reached a new all-time high following the U.S. presidential elections, leading to predictions of further expansion in Q4 2024 and Q1 2025. However, CryptoQuant's CEO Ki Young Ju suggests there may be more nuances to the picture. He predicts that Bitcoin may close 2024 at $58,974, which would indicate a 24% drop from its recent all-time high of over $77,200. While some commentators are optimistic about Bitcoin's prospects in late Q4 2024, historically December has been a challenging month for predicting Bitcoin's performance. December 2020 was the best month for Bitcoin in almost five years, with a 46.92% increase. The recent surge in Bitcoin caught bearish traders off guard, resulting in a net liquidation of short positions worth one-third of a billion dollars for Bitcoin alone, and over $750 million across all cryptocurrencies.



Other News from Today