Bitcoin value with a superb 4th quarter to shut 2024 has been one of the crucial distinguished tales within the cryptocurrency market in latest weeks. Apparently, the favored blockchain agency has turned to distinctive details about the BTC value trajectory chain.
Can Bitcoin Worth Attain $100,000 By December 2024?
In a brand new report, CryptoQuant revealed that the worth of Bitcoin is getting into a interval of optimistic seasonal efficiency with a traditionally bullish fourth quarter that has but to take its typical course. The on-chain analytics firm highlighted that the main cryptocurrency normally performs effectively within the final three months of the half yr.
In line with information from CryptoQuant, the worth of Bitcoin elevated by 9%, 59% and 171% in 2012, 2016 and 2020 (the primary three half-years). In the meantime, the worth of the main cryptocurrency elevated by 46.79% in 2024.
Apparently, CryptoQuant advised a year-end goal of between $85,000 and $100,000 for the worth of Bitcoin. It's price noting {that a} This autumn rally to this new value excessive would put the coin's yearly efficiency between 100% and 138%.
Nevertheless, the blockchain agency has recognized sure elements that must align for bitcoin's value to get better and doubtlessly attain a brand new file excessive. One in all these vital elements is demand, which has been largely stagnant in latest months.
Supply: CryptoQuant
CryptoQuant information reveals that Bitcoin demand development has ranged from -23,000 to +69,000 BTC since July. For context, demand soared to a staggering 498,000 BTC in April because the market chief danced across the $70,000 value degree. In the end, this implies that rising demand may have a optimistic affect on the worth of Bitcoin within the second half of 2024.
BTC demand from US spot ETFs on the rise
Fortuitously, demand for bitcoin from spot exchange-traded funds (ETFs) in the US has been rising in latest weeks. In line with CryptoQuant information, Bitcoin funds went from internet promoting of 5,000 BTC in early September to internet shopping for of seven,000 BTC by the top of the month.
By comparability, the US ETF spot market purchased almost 9,000 BTC per day within the first quarter of 2024, catapulting the main cryptocurrency to a present all-time excessive of $73,737. mid March If this optimistic development continues, traders may see the worth of Bitcoin return to its all-time excessive and even greater earlier than the top of the yr.
On the time of writing, the worth of Bitcoin sits simply above the $62,000 mark, reflecting a 2.3% improve over the previous 24 hours.
Bitcoin value at $62,000 mark on the every day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture created by Dall.E, chart from TradingView
