CryptoQuant founder and CEO Ki Young Ju has revised earlier price predictions and is now projecting a $135,000 Bitcoin (BTC) price ceiling, with a 2024 price target of $112,000, in his latest quantitative analysis of Bitcoin's price action.
The CEO explained that capital flows into the Bitcoin market, including those from exchange-traded funds and products, support these price predictions. Ju indicated that these are "current" projections — a signal that the forecast is subject to change. The CEO also offered a word of caution to traders:
"Please note that this doesn't mean we aren't getting corrections. As I mentioned earlier, the futures perp market is overleveraged. Stay long-term bullish, but be cautious with leverage if you're a trader."
Ju recently warned market speculators and investors that the BTC-USDt (USDT) perpetual market was overleveraged by approximately 2.7 times more than in early 2024. Liquidations of leveraged long positions place downward pressure on Bitcoin's price, and cascading liquidations can significantly pull back the price.
Bitcoin price prediction. Source: Ki Young Ju
Bitcoin bull run triggered, but where is price going next?
"We're in the bull market, Bitcoin will go up," the CryptoQuant CEO acknowledged, but as Bitcoin continues its price discovery, quantitative analysts are split over where Bitcoin's price will go next.
CryptoQuant contributor Percival recently argued that some long-term Bitcoin holders — those who have held the asset for 155 days or longer — were taking profits at the $90,000 price level.
Current Bitcoin price action. Source: TradingView
The contributor explained that this particular cohort of long-term Bitcoin holders is not representative of the entire group, and expects more long-term holders to hold out in expectation of greater profits. Percival noted:
"Through Realized Price UTXO Bands, we see that long-term holders are not looking at $90K. Bitcoin has to reach higher levels and prices to realize profits of more than 10x."
BaroVirtual, another CryptoQuant contributor, predicted a potential Bitcoin price correction to $70,000 on the decentralized currency's path to the $100,000 price level. However, other analysts believe a deep correction can be avoided if Bitcoin's price remains above the $85,000 mark in the coming weeks and months.
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