Bitcoin could reach $100K by Q4 with increased demand
According to CryptoQuant, Bitcoin’s (CRYPTO:BTC) price could surge to between $85,000 and $100,000 by the end of Q4, but only if demand consistently rises.
In a recent report, the market intelligence firm emphasized that Bitcoin historically performs well during the final quarter of the year, especially during halving years like 2024.
However, they highlighted that increased demand will be crucial for this price surge.
"Bitcoin’s performance in 2024 so far mirrors its movement in previous halving years, but demand growth will determine whether it can reach the $100K mark," said CryptoQuant analysts.
In past halving years, Bitcoin’s price increased by 9%, 59%, and 171% in the fourth quarter of 2012, 2016, and 2020, respectively.
While 2024 has shown similar trends so far, the transition into Q4 is less bullish than in 2020, where Bitcoin entered the final quarter in a clear bull phase.
CryptoQuant’s data reveals that Bitcoin’s apparent demand has been fluctuating since July, showing limited growth compared to earlier in the year.
This is concerning, as demand needs to accelerate significantly to fuel further price increases.
Institutional demand, especially through spot Bitcoin ETFs, could play a key role in boosting prices.
Recent data from SoSoValue indicates that spot Bitcoin ETFs saw net inflows of $1.8 billion between September 13 and September 30.
"If ETF demand continues to rise, it could propel prices upward in Q4," the report added.
CryptoQuant also noted that inflows into Bitcoin investment products surged after the approval of options for U.S.-based investment products, driving more than $1 billion into Bitcoin during late September.
With these factors in play, the $100,000 target may become achievable if demand growth aligns with the historically favorable seasonality of Bitcoin in Q4.
At press time, the Bitcoin price was $61,010.11.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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