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"Bitcoin's Upper Price Target Set at $13.5K" – CryptoQuant CEO
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- CryptoQuant's CEO Ju Ki-young announced that the upper price target for Bitcoin in 2024 has been adjusted to $13,500.
- Ju stated that the influx of capital into the market through ETFs and other financial products is the basis for this forecast.
- Percival mentioned that when Bitcoin prices reached $9,000, the likelihood of long-term holders selling was low.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
CryptoQuant CEO Ju Ki-young has adjusted the upper price target for Bitcoin in 2024 to $13,500. In his analysis last February, he had set the 2024 Bitcoin target at an upper limit of $11,200.
Ju Ki-young stated that such forecasts are based on the influx of capital into the market through ETFs and other financial products. However, he emphasized the point that this outlook is based on the "current standard," leaving room for potential changes.
He also advised investors that the "current spot market is in an over-leveraged state," suggesting caution regarding short-term volatility.
Ju predicted that the leverage in the Bitcoin-Tether (USDT) spot market is more than 2.7 times higher compared to early 2024. Such excessive leverage could exert downward pressure on Bitcoin prices in the event of large-scale liquidation, potentially triggering a significant price drop.
Another CryptoQuant analyst, Percival, noted that when Bitcoin prices reached $9,000, some long-term holders realized profits. However, he pointed out that it is difficult to see all long-term holders selling at this price level. Percival predicted that many long-term holders are likely to wait for higher price levels before selling.
