The price of Bitcoin with an outstanding Q4 to close the year 2024 has been one of the most prominent stories in the cryptocurrency market in recent weeks. It is interesting that the famous blockchain company has weighed in with different on-chain details on the BTC price trajectory.
Will Bitcoin Price Reach $100,000 By December 2024?
In a new report, CryptoQuant revealed that the price of Bitcoin is entering a seasonal performance period with a historically improved Q4 but will take its normal course. The on-chain analytics firm emphasized that the first cryptocurrency usually performs well in the last three months of the half 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 half), respectively. Meanwhile, the value of the first cryptocurrency has increased by 46.79% so far in 2024.
Interestingly, CryptoQuant has put forward a year-end target of between $85,000 to $100,000 for the price of Bitcoin. It is worth noting that the Q4 rally at this new price will put the coin’s annual performance between 100% and 138%.
However, the blockchain company has identified certain factors that need to be aligned for the price of Bitcoin to resume its bull run and potentially reach a new record high. One of these important factors is demand, which has been very stagnant for the past few months.
Source: CryptoQuant
CryptoQuant data shows that Bitcoin demand growth has been fluctuating between -23,000 to +69,000 BTC since July. For context, demand surged to a staggering 498,000 BTC in April when the market leader danced around the $70,000 price level. Ultimately, this suggests that the growing demand could have a positive impact on the price of Bitcoin in the latter half of 2024.
BTC Demand In US Spot ETFs On The Rise
Sadly, demand for Bitcoin in exchange-traded funds (ETFs) in the United States has been increasing in recent weeks. According to CryptoQuant data, Bitcoin currencies went from a net sale of 5,000 BTC at the beginning of September to a net purchase of 7,000 BTC at the end of the month.
In comparison, the US ETF market bought about 9,000 BTC every day in the first quarter of 2024, leading the cryptocurrency to its current peak of $73,737 mid-March. If this positive trend continues, investors could see the price of Bitcoin go higher or higher before the end of the year.
As of this writing, the price of Bitcoin is sitting just above the $62,000 mark, showing a 2.3% increase in the last 24 hours.
Bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image created by Dall.E, chart from TradingView