CryptoQuant CEO Sees Bitcoin Price Cap at $135,000

Crypto analysts are predicting Bitcoin price targets between $140,000 and $500,000 during the current market cycle.
On the 17th (local time), Chuk, founder of on-chain analysis company CryptoQuant,
Juyeon revised his previous price prediction and now sees Bitcoin's price cap at $135,000. He also set a target price of $112,000 for 2024, and cited recent business developments.
Chuk said that capital inflows, including exchange-traded index funds (ETFs) and other financial products, are driving this price outlook.
"This forecast is current as of the date of this writing and may be subject to revision," he said. He also warned investors, "This forecast does not imply that there will be no adjustments."
No. As I said earlier, the perpetual futures market is overly leveraged. I am optimistic about the long-term upside, but I would urge you to use leverage wisely when trading.
" He also recently warned that the Bitcoin Tether (BTC/USDT) perpetual contract market is about 2.7 times overleveraged compared to early 2024.
Liquidations of high-leverage long positions could put downward pressure on the price of Bitcoin, and cascading liquidations could cause the price to fall sharply.
"We are in a bull market. Bitcoin will continue to rise," Chuk said.
Meanwhile, cryptoquant analyst Percival said some long-term holders, i.e. those who have held Bitcoin for more than 155 days, could see profits at the $90,000 level.
"This particular group of long-term holders is not representative of the entire long-term holder population," he said, adding that more long-term holders expect greater returns.
In addition, we expect that they will refrain from selling the “Realized Price UTXO Band.”
The Bitcoin Bands show that long-term holders are not stopping at $90,000.
"The cryptocurrency needs to reach higher levels and prices to realize 10x or more returns," he explained. BaroVirtual, another crypto quant analyst, said Bitcoin
He predicted that a price correction to $70,000 could occur as the coin makes its way to the $100,000 level. However, other analysts said they expect Bitcoin's price to remain stable over the next few weeks or months.
We believe that if the price can maintain the monthly level above $85,000, a deep correction can be avoided.