The Bitcoin worth having an outstanding Q4 to shut the yr 2024 has been one of the vital distinguished narratives within the cryptocurrency market in current weeks. Apparently, a well-liked blockchain agency has weighed in with distinctive on-chain insights into the BTC’s worth trajectory.
Can Bitcoin Value Attain $100,000 By December 2024?
In a brand new report, CryptoQuant revealed that the value of Bitcoin is coming into a interval of optimistic seasonal efficiency with the traditionally bullish This fall but to take its normal course. The on-chain analytics agency highlighted that the premier cryptocurrency often performs effectively within the final three months of a halving yr.
In accordance with knowledge from CryptoQuant, the Bitcoin worth elevated by 9%, 59%, and 171% in 2012, 2016, and 2020 (the primary three halving years), respectively. In the meantime, the worth of the premier cryptocurrency is up by 46.79% to date in 2024.
Apparently, CryptoQuant put ahead an end-of-the-year target of between $85,000 to $100,000 for the Bitcoin worth. It’s value noting that the This fall rally to this new worth excessive would place the coin’s yearly efficiency between 100% and 138%.
Nonetheless, the blockchain agency has recognized sure components that must align for the Bitcoin worth to renew its bull run and probably attain a brand new report excessive. One in every of these important components is demand, which has been largely stagnant over the previous couple of months.
Supply: CryptoQuant
CryptoQuant knowledge reveals that Bitcoin demand growth has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as excessive as a staggering 498,000 BTC in April when the market chief danced across the $70,000 worth degree. Finally, this means burgeoning demand might have a optimistic impression on the Bitcoin worth within the latter a part of 2024.
BTC Demand From US Spot ETFs On The Rise
Propitiously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been choosing up in current weeks. In accordance with CryptoQuant knowledge, the Bitcoin funds went from web promoting 5,000 BTC in early September to web shopping for 7,000 BTC by the month’s finish.
As compared, the US spot ETF market bought almost 9,000 BTC day by day in 2024’s first quarter, catapulting the premier cryptocurrency to the present all-time excessive of $73,737 by mid-March. If this optimistic pattern continues, traders might see the Bitcoin worth revisit its all-time excessive and even greater earlier than the yr is out.
As of this writing, the value of Bitcoin sits simply above the $62,000 mark, reflecting a 2.3% enhance within the final 24 hours.
Bitcoin worth at $62,000 mark on the day by day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture created by Dall.E, chart from TradingView