Bitcoin price having an exceptional fourth quarter to close 2024 has been one of the most significant narratives in the cryptocurrency market in recent weeks. Interestingly, the popular blockchain company shared unique insights into BTC’s on-chain price trajectory.
Can Bitcoin Price Reach $100,000 by December 2024?
In the modern CryptoQuant report revealed that the Bitcoin price is entering a period of positive seasonal results, and the historically bullish Q4 has not yet assumed its usual course. The on-chain analytics firm highlighted that the top cryptocurrency usually performs well in the last three months of the year when a halving occurs.
According to CryptoQuant data, Bitcoin’s price increased by 9%, 59% and 171% in 2012, 2016 and 2020, respectively (the first three years of the halving). Meanwhile, the value of the most significant cryptocurrency increased by 46.79% in 2024.
Interestingly, CryptoQuant has proposed a year-end price target for Bitcoin of $85,000 to $100,000. It is worth noting that a fourth-quarter price enhance to a modern high would result in the coin’s year-to-date performance ranging between 100% and 138%.
However, the blockchain company has identified certain factors that need to adjust for Bitcoin’s price to resume its bull run and potentially reach a modern record high. One of these critical factors is demand, which has remained steady over the past few months.
Source: CryptoQuant
CryptoQuant data shows that Bitcoin demand growth ranges from -23,000 to +69,000 BTC since July. For context, demand surged to a staggering 498,000 BTC in April, when the market leader was hovering around the $70,000 price level. Ultimately, this suggests that rising demand could have a positive impact on Bitcoin’s price in the second half of 2024.
Demand for BTC from US spot ETFs is growing
Fortunately, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been increasing in recent weeks. According to CryptoQuant data, Bitcoin funds increased from a net sale of 5,000 BTC in early September to a net purchase of 7,000 BTC at the end of the month.
In comparison, the US spot ETF market bought almost 9,000 BTC per day in the first quarter of 2024, catapulting the leading cryptocurrency to its current all-time high of $73,737. mid-March. If this positive trend continues, investors could see Bitcoin’s price once again reach an all-time high or even higher before the end of the year.
At the time of writing, Bitcoin is trading just above the $62,000 mark, reflecting a 2.3% gain in the last 24 hours.
Bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image by Dall.E, chart from TradingView
