Bitcoin price having a stellar fourth quarter to close out 2024 has been one of the biggest stories in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain company has brought unique insights into the price trajectory of BTC.
Can Bitcoin Price Reach $100,000 by December 2024?
In a new report, CryptoQuant revealed that Bitcoin price is entering a period of positive seasonal performance, with the historically bullish fourth quarter yet to run its usual course. The on-chain analytics firm highlighted that the top cryptocurrency is generally performing well in the last three months of a halving year.
According to data from CryptoQuant, the price of Bitcoin increased by 9%, 59%, and 171% in 2012, 2016, and 2020 (the first three years of the halving), respectively. Meanwhile, the value of the leading cryptocurrency has increased by 46.79% so far in 2024.
Interestingly, CryptoQuant proposed an end-of-year target of between $85,000 and $100,000 for the Bitcoin price. It is worth noting that the Q4 rally towards this new high price would put the coin’s annual performance between 100% and 138%.
However, the blockchain company has identified certain factors that must align for Bitcoin price to resume its uptrend and potentially reach a new all-time high. One of these critical factors is demand, which has stagnated in recent months.
Source: CryptoQuant
CryptoQuant data shows that Bitcoin demand growth has fluctuated between -23,000 and +69,000 BTC since July. To recall, demand surged as high as 498,000 BTC in April, when the market leader danced around the $70,000 price level. Ultimately, this suggests that growing demand could have a positive impact on the price of Bitcoin in late 2024.
BTC demand from US spot ETFs is on the rise
Fortunately, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has accelerated in recent weeks. According to data from CryptoQuant, Bitcoin funds went from a net sale of 5,000 BTC in early September to a net purchase of 7,000 BTC by the end of the month.
In comparison, the US spot ETF market purchased nearly 9,000 BTC per day in the first quarter of 2024, propelling the top cryptocurrency to the current all-time high of $73,737 by 2024. mid-March. If this positive trend continues, investors could see the price of Bitcoin return to its all-time high, or even higher, before the end of the year.
At the time of writing, Bitcoin price sits just above the $62,000 mark, reflecting a 2.3% increase over the past 24 hours.
Bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image created by Dall.E, chart by TradingView
