Bitcoin worth having a stellar fourth quarter to shut out 2024 has been one of many largest tales within the cryptocurrency market in current weeks. Apparently, a well-liked blockchain firm has introduced distinctive insights into the worth trajectory of BTC.
Can Bitcoin Worth Attain $100,000 by December 2024?
In a brand new report, CryptoQuant revealed that Bitcoin worth is getting into a interval of constructive seasonal efficiency, with the traditionally bullish fourth quarter but to run its normal course. The on-chain analytics agency highlighted that the highest cryptocurrency is usually performing properly within the final three months of a halving 12 months.
In line with information from CryptoQuant, the worth of Bitcoin elevated by 9%, 59%, and 171% in 2012, 2016, and 2020 (the primary three years of the halving), respectively. In the meantime, the worth of the main cryptocurrency has elevated by 46.79% to this point in 2024.
Apparently, CryptoQuant proposed an end-of-year goal of between $85,000 and $100,000 for the Bitcoin worth. It's price noting that the This autumn rally in the direction of this new excessive worth would put the coin's annual efficiency between 100% and 138%.
Nonetheless, the blockchain firm has recognized sure elements that should align for Bitcoin worth to renew its uptrend and doubtlessly attain a brand new all-time excessive. One among these important elements is demand, which has stagnated in current months.
Supply: CryptoQuant
CryptoQuant information exhibits that Bitcoin demand development has fluctuated between -23,000 and +69,000 BTC since July. To recall, demand surged as excessive as 498,000 BTC in April, when the market chief danced across the $70,000 worth degree. In the end, this implies that rising demand might have a constructive influence on the worth of Bitcoin in late 2024.
BTC demand from US spot ETFs is on the rise
Fortuitously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the US has accelerated in current weeks. In line with information from CryptoQuant, Bitcoin funds went from a internet sale of 5,000 BTC in early September to a internet buy of seven,000 BTC by the tip of the month.
Compared, the US spot ETF market bought practically 9,000 BTC per day within the first quarter of 2024, propelling the highest cryptocurrency to the present all-time excessive of $73,737 by 2024. mid-March. If this constructive pattern continues, traders might see the worth of Bitcoin return to its all-time excessive, and even greater, earlier than the tip of the 12 months.
On the time of writing, Bitcoin worth sits simply above the $62,000 mark, reflecting a 2.3% improve over the previous 24 hours.
Bitcoin worth at $62,000 mark on the each day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture created by Dall.E, chart by TradingView
