The Bitcoin worth having an outstanding Q4 to shut the yr 2024 has been some of the outstanding narratives within the cryptocurrency market in latest weeks. Apparently, a preferred 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 getting into a interval of optimistic seasonal efficiency with the traditionally bullish This fall but to take its standard 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 this point 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 elements that must align for the Bitcoin worth to renew its bull run and probably attain a brand new file excessive. One in all these vital elements is demand, which has been principally stagnant over the previous couple of months.
Supply: CryptoQuant
CryptoQuant knowledge exhibits 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 stage. In the end, this implies burgeoning demand might have a optimistic influence 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 latest 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.
Compared, the US spot ETF market bought practically 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 development continues, traders might see the Bitcoin worth revisit its all-time excessive and even larger 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% improve 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
