Bitcoin’s Price Surge Towards $100,000 by December 2024
Bitcoin Price Trajectory for Q4 2024
The Bitcoin price’s remarkable performance in Q4 2024 has captured significant attention within the cryptocurrency market. A leading blockchain firm has provided insightful on-chain analysis to shed light on Bitcoin’s price outlook.
Positive Seasonal Performance Predicted
CryptoQuant’s recent report suggests that Bitcoin is set to experience a positive seasonal performance, particularly in the historically bullish Q4 period. The firm’s on-chain analytics reveal a trend where Bitcoin typically excels in the final months of a halving year.
According to CryptoQuant data, Bitcoin has seen substantial price gains of 9%, 59%, and 171% in the first three halving years of 2012, 2016, and 2020, respectively. With a 46.79% increase in 2024 so far, CryptoQuant projects an end-of-year target ranging from $85,000 to $100,000 for Bitcoin.
However, certain factors, including stagnant demand, must align for Bitcoin to resume its upward trajectory towards a new record high.
CryptoQuant’s data indicates fluctuating Bitcoin demand growth, with potential for a positive impact on the price as demand increases later in 2024.
Rising Demand from US Spot ETFs
Notably, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been on the rise. With ETFs transitioning from net selling to net buying, there is optimism for Bitcoin’s price to surpass its all-time high.
As Bitcoin currently sits above $62,000, investors anticipate further growth potential as the cryptocurrency market evolves.
Source: CryptoQuant
Featured image created by Dall.E, chart from TradingView
In summary, Bitcoin’s price is poised to surge towards $100,000 by December 2024, driven by positive seasonal performance and increasing demand from US Spot ETFs. CryptoQuant’s analysis suggests potential for significant price gains, emphasizing the importance of aligning key factors for Bitcoin’s upward trajectory. As investors keep a close eye on Bitcoin’s price movements, the possibility of revisiting all-time highs offers promising opportunities for further growth and engagement in the cryptocurrency market.
