Before rushing to 100,000, take a tumble first? Analyst: BTC may first fall back to 'this point', can you buy the dip?

CryptoQuant Analyst: BTC may experience a healthy pullback before surging to 100,000

BTC has performed well recently, once breaking through the historical high of $93,000, but then started to pull back. As of today (the 18th) when drafting this, it is still oscillating around $90,000, with a quote of $90,400.

According to a report by Cointelegraph, CryptoQuant analyst BaroVirtual pointed out in the analysis on November 16 that BTC may face a 'healthy pullback' in the short term.

His analysis shows that the gap between the 7-day and 30-day moving averages has reached 19%, which may lead to two scenarios:

BTC will be sideways in the range of $87,000 to $93,000 for a period of time, and then continue to rise to the range of $104,000 to $120,000, similar to the trend from February to March 2024.

BTC may pullback to the range of $71,000 to $77,000 before resuming its upward trend after a healthy pullback in the market.

Source: CryptoQuant. Analysts predict that BTC may reach 100,000 or drop back to around 70,000 before that.

CryptoQuant's another analyst Darkfost indicated that on-chain data shows, although BTC has reached $90,000, Whale investors are still accumulating continuously, and the number of new Whales is also rising rapidly, indicating that market confidence is still strong.

Image source: CryptoQuantBTCWhaleopen interest data

CryptoQuant CEO adjusts year-end price prediction

However, CryptoQuant CEO Ki Young Ju had previously given a pessimistic forecast. Although he is optimistic about the long-term trend, it may fall back to around $59,000 by the end of 2024, due to the excessive leverage in the market.

Further reading: Don't be too afraid of missing out on the crazy rise of BTC! Experts warn that the market leverage is too high and it may fall back to $58,974 by the end of the year.

However, Ki Young Ju revised his prediction yesterday (17th). He backtracked on Twitter, stating that the current upper limit for BTC's price may be $135,000, and the target price at the end of 2024 is $112,000. He also apologized for his previous incorrect prediction of a short-term pullback.

Image source: Ki Young Ju, CEO of CryptoQuant, revises BTC year-end price prediction

Ki Young Ju explained that the inflow of funds into BTCSpot ETF and other investment products supported the prediction. But he also reminded investors that this does not mean that the market will not experience a pullback.

He warned that due to the leverage ratio of the BTC Perptual Futures market reaching 2.7 times at the beginning of 2024, if there is a liquidation of long positions leveraged positions, it may put pressure on the BTC price, and if a chain liquidation occurs, it may lead to a significant pullback.

Other analysts' opinions: Where will BTC rise in the future?

How do other analysts view the future performance of BTC? CryptoQuant analyst Percival observed that some long-term holders who have held for more than 155 days have started to take profit at the $90,000 level.

But he pointed out that these sold investors are only a small part of the long-term holders, and it is expected that more long-term holders will choose to continue holding, waiting for higher profit opportunities.

According to Percival's analysis, the BTC Unspent Transaction Output (UTXO) interval shows that long-term holders do not seem satisfied with the current price of $90,000 and need to reach a higher point to achieve profits of more than 10 times.

Image Source: TradingView BTC's current price range action

Some analysts believe that if BTC can maintain above $85,000 in the coming weeks or months, it can avoid the risk of a significant pullback.

However, on the way to $100,000, the market still needs to be cautious about the potential pullback risk. Investors need to carefully consider market risks when entering the market, especially in the current high leverage situation, and pay more attention to Risk Management.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. The above views are for reference only. Users should consider whether any opinions, views or conclusions in this article are applicable to their specific situation. Invest at your own risk.

"Before rushing to 100,000, take a fall first? Analyst: BTC may fall back to 'this point', can you catch the bottom?" This article was first published in 'encryption city'.