Bitcoin target set at $135K by CryptoQuant CEO

Ki Young Ju, CEO of CryptoQuant, has updated his Bitcoin (CRYPOT:BTC) forecast, projecting a potential price ceiling of $135,000 and a target of $112,000 for 2024.

This revision is supported by capital inflows from exchange-traded funds (ETFs) and other investment products.

Ju emphasised that these are current projections and are subject to change as the market evolves.

“Please note that this doesn't mean we aren't getting corrections... Stay long-term bullish, but be cautious with leverage if you're a trader,” he cautioned traders.

Ju noted that the BTC-USDt perpetual market is overleveraged, stating that it is 2.7 times more leveraged than it was at the start of 2024.

He explained that this could lead to liquidations of leveraged long positions, potentially putting downward pressure on Bitcoin's price.

Bitcoin's recent rally has fueled speculation among analysts about its next movement.

Percival, a CryptoQuant contributor, pointed out that some long-term Bitcoin holders—those holding for over 155 days—are taking profits at the $90,000 level.

However, he added that this group does not represent all long-term holders.

“Through Realised Price UTXO Bands, we see that long-term holders are not looking at $90K. Bitcoin has to reach higher levels and prices to realise profits of more than 10x,” Percival commented.

Another CryptoQuant analyst, BaroVirtual, suggested that Bitcoin could see a correction down to $70,000 before it continues to the $100,000 mark.

However, other analysts believe that if Bitcoin maintains its price above $85,000, it may avoid a significant correction and continue its upward trend in the coming weeks.

At the time of reporting, the Bitcoin (BTC) price was $90,533.24.