The Bitcoin worth having an impressive This autumn to shut the yr 2024 has been one of the crucial outstanding narratives within the cryptocurrency market in latest weeks. Curiously, a preferred blockchain agency has weighed in with distinctive on-chain insights into the BTC’s worth trajectory.
Can Bitcoin Value 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 the traditionally bullish This autumn but to take its regular course. The on-chain analytics agency highlighted that the premier cryptocurrency normally performs nicely within the final three months of a halving yr.
Based on knowledge from CryptoQuant, the Bitcoin worth elevated by 9%, 59%, and 171% in 2012, 2016, and 2020 (the primary three halving years), respectively. In the meantime, the worth of the premier cryptocurrency is up by 46.79% thus far in 2024.
Curiously, CryptoQuant put ahead an end-of-the-year goal of between $85,000 to $100,000 for the Bitcoin worth. It’s price noting that the This autumn rally to this new worth excessive would place the coin’s yearly efficiency between 100% and 138%.
Nonetheless, the blockchain agency has recognized sure components that have to align for the Bitcoin worth to renew its bull run and probably attain a brand new file excessive. Considered one of these important components is demand, which has been principally stagnant over the previous couple of months.
Supply: CryptoQuant
CryptoQuant knowledge exhibits that Bitcoin demand progress has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as excessive as a staggering 498,000 BTC in April when the market chief danced across the $70,000 worth degree. Finally, this implies burgeoning demand might have a optimistic affect on the Bitcoin worth within the latter a part of 2024.
BTC Demand From US Spot ETFs On The Rise
Propitiously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the USA has been choosing up in latest weeks. Based on CryptoQuant knowledge, the Bitcoin funds went from internet promoting 5,000 BTC in early September to internet shopping for 7,000 BTC by the month’s finish.
Compared, the US spot ETF market bought practically 9,000 BTC day by day in 2024’s first quarter, catapulting the premier cryptocurrency to the present all-time excessive of $73,737 by mid-March. If this optimistic pattern continues, traders might see the Bitcoin worth revisit its all-time excessive and even greater earlier than the yr is out.
As of this writing, the worth of Bitcoin sits simply above the $62,000 mark, reflecting a 2.3% enhance within the final 24 hours.
Bitcoin worth at $62,000 mark on the day by day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture created by Dall.E, chart from TradingView
