The price of bitcoin having an outstanding fourth quarter to close the year 2024 has been one of the most prominent narratives in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain company has contributed unique on-chain insights into the price trajectory of btc.
Can bitcoin price reach $100,000 by December 2024?
In a new report, CryptoQuant twitter&utm_medium=sns&utm_campaign=dashboard&utm_content=crypto-weekly-report” target=”_blank” rel=”noopener nofollow”>revealed that the price of bitcoin is entering a period of positive seasonal performance and that the historically bullish fourth quarter has not yet run its usual course. The on-chain analytics firm highlighted that the top cryptocurrency generally performs well in the last three months of a year-long halving.
According to data from CryptoQuant, the price of bitcoin increased by 9%, 59% and 171% in 2012, 2016 and 2020 (the first three years of the halving), respectively. Meanwhile, the value of the main cryptocurrency has increased by 46.79% so far in 2024.
Interestingly, CryptoQuant proposed a year-end target of between $85,000 and $100,000 for the price of bitcoin. It is worth noting that the fourth quarter rally to this new price peak would put the coin's annual return between 100% and 138%.
However, the blockchain company has identified certain factors that must align for the price of bitcoin to resume its bull run and potentially reach a new record. One of these critical factors is demand, which has been practically stagnant in recent months.
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Source: CryptoQuant
Data from CryptoQuant shows that bitcoin demand growth has ranged between -23,000 and +69,000 btc since July. To put it in context, demand skyrocketed 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 the price of bitcoin in the latter part of 2024.
btc demand from US spot ETFs is on the rise
Fortunately, demand for bitcoin from spot exchange-traded funds (ETFs) in the United States has been picking up in recent weeks. According to data from CryptoQuant, bitcoin funds went from net selling 5,000 btc at the beginning of September to net buying 7,000 btc at the end of the month.
By comparison, the US ETF spot market bought nearly 9,000 btc daily in the first quarter of 2024, catapulting the leading cryptocurrency to the current all-time high of $73,737 in mid-March. If this positive trend continues, investors could see the price of bitcoin reach its all-time high or even higher again before the end of the year.
At the time of writing, bitcoin price sits just above the $62,000 mark, reflecting a 2.3% increase over the past 24 hours.
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bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from x/F42aX88U/" target="_blank" rel="noopener nofollow">TradingView
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