The Bitcoin price has been a hot topic in the cryptocurrency market, especially with the outstanding performance in the fourth quarter of 2024. A popular blockchain firm, CryptoQuant, has provided unique on-chain insights into the trajectory of BTC’s price.
Historically, Bitcoin has shown positive seasonal performance in the last three months of a halving year. In 2012, 2016, and 2020, the price of Bitcoin increased by 9%, 59%, and 171%, respectively. So far in 2024, the value of Bitcoin has risen by 46.79%. CryptoQuant predicts an end-of-the-year target for the Bitcoin price to be between $85,000 to $100,000, with a potential rally of 100% to 138% for the year.
However, for Bitcoin to reach these new highs, certain factors need to align, with demand being a critical one. Demand for Bitcoin has been fluctuating between -23,000 to +69,000 BTC since July. In April, demand peaked at 498,000 BTC when the price was around $70,000. This fluctuation in demand suggests that a surge in demand could positively impact the Bitcoin price in the latter part of 2024.
Another positive sign is the increase in demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States. In recent weeks, US spot ETFs have transitioned from net selling 5,000 BTC to net buying 7,000 BTC by the end of September. In the first quarter of 2024, the US spot ETF market was purchasing nearly 9,000 BTC daily, propelling Bitcoin to its current all-time high of $73,737 by mid-March. If this trend continues, investors may see the Bitcoin price revisit its all-time high or even surpass it before the year ends.
As of the latest data, the price of Bitcoin is just above the $62,000 mark, reflecting a 2.3% increase in the last 24 hours. This positive momentum, coupled with the potential factors aligning for Bitcoin’s bull run, paints a promising picture for the premier cryptocurrency in the coming months.
In conclusion, the outlook for Bitcoin’s price in Q4 of 2024 is optimistic, with the potential for the price to reach new highs of $85,000 to $100,000 by the end of the year. Factors such as demand growth and the rise in Bitcoin ETFs in the US market are contributing to this positive trajectory. Investors and enthusiasts alike will be closely watching as Bitcoin continues its journey towards potential record-breaking highs.
