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    CryptoQuant CEO Ki Young Ju foresees Bitcoin nearing $59,000 by year-end amid record futures activity

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    CryptoQuant CEO, Ki Young Ju, predicts Bitcoin could end the year at nearly $59,000, despite potential market turbulence caused by the heated futures market. As Bitcoin demand increases, open positions for futures and options are at a record high, nearing $50 billion. Meanwhile, Ben Simpson, CEO at Collective Shift, believes a dip to $58,000 is possible, but unlikely by year’s end. Last week, Bitcoin reached an all-time high of $81,570 and 11 Bitcoin ETFs saw a combined inflow of $1.6 billion.

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    Ki Young Ju, CryptoQuant CEO, reckons Bitcoin could wrap up the year sitting pretty at nearly $59,000. He thinks the futures market getting too hot to handle might cause a dip by year-end.

    Keeping the online conversation buzzing, Ki says he’s thinking Bitcoin will end the year at $58,974. He also tossed out a fun challenge to social media folks to see what they think the year-end figure will turn out to be. The person who gets it spot on (or closest) gets a cool 0.1 BTC.

    Ki expected some turbulence because Bitcoin futures was getting a lot of heat. But now, prices are soaring, and the market is even more fired up than before.

    “If the market steadies itself and consolidates, this run may continue. However, a strong rally at the end of the year could start a downward trend for 2025 in my view. Although, I hope that prediction is off,” he said in his original tweet.

    Currently, Bitcoin is getting a lot of attention; the number of open positions for Bitcoin stuff like futures and options is at an all-time high, inching towards $50 billion, according to CoinGlass data.

    Meanwhile, Ben Simpson, CEO at Collective Shift, feels a dip to $58,000 is on the cards but concedes it’s “very unlikely” to happen by year-end.

    “With stuff like the Trump election, lowering interest rates, the potential for more money printing in the future, plus constant high-volume trading days for Bitcoin ETF, more people are getting interested,” Simpson said.

    In the past week, Bitcoin’s price surged by 17.3%, hitting an all-time high of $81,570 on November 10th.

    Last week was also significant because 11 Bitcoin ETFs saw a combined inflow of $1.6 billion; it was a record-setting influx on November 7th, as shown by data from Farside Investors.

    According to Simpson, “When you have a limited supply asset like Bitcoin, and with the demand that’s pouring in, the trend is clearly upward.”

    He adds that while we’ve seen 20-30% corrections in the past, the gradual rise for Bitcoin is impressive because pullbacks so far have been only between five and six percent.

    Simpson concluded by stating, “The market structure is looking super strong. We could experience a sudden fall, but I think the overall trend is upwards.”

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