The Bitcoin price has an excellent fourth quarter ending the year 2024 has been one of the most prominent stories in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain company has provided unique on-chain insights into BTC’s price trajectory.
Can Bitcoin Price Reach $100,000 in December 2024?
In a new report, CryptoQuant revealed that Bitcoin’s price is entering a period of positive seasonal performance, with the historically bullish fourth quarter yet to follow its usual course. The on-chain analytics company highlighted that the leading cryptocurrency typically performs well in the last three months of a half-year.
According to data from CryptoQuant, the Bitcoin price increased by 9%, 59% and 171% respectively in 2012, 2016 and 2020 (the first three half-lives). Meanwhile, the value of the top cryptocurrency has risen 46.79% so far in 2024.
Interestingly enough, CryptoQuant has a end of year goal of between $85,000 and $100,000 for the Bitcoin price. It is worth noting that the fourth quarter rally to this new price high would place the coin’s annual performance between 100% and 138%.
However, the blockchain company has identified certain factors that need to be fine-tuned before Bitcoin price can resume its bull run and possibly hit a new all-time high. One of these critical factors is demand, which has largely stagnated in recent months.
Source: CryptoQuant
CryptoQuant data shows that Growth in demand for Bitcoin has fluctuated between -23,000 and +69,000 BTC since July. For context, demand rose to a whopping 498,000 BTC in April, as the market leader danced around the $70,000 price level. Ultimately, this suggests that growing demand could positively impact the Bitcoin price in the latter part of 2024.
Demand for BTC from US spot ETFs is increasing
Positively, demand for Bitcoin from exchange-traded funds is increasing (ETFs) in the United States has increased in recent weeks. According to data from CryptoQuant, Bitcoin funds went from net selling 5,000 BTC in early September to net buying 7,000 BTC by the end of the month.
By comparison, the US spot ETF market bought nearly 9,000 BTC daily in the first quarter of 2024, catapulting the leading cryptocurrency to its current record high of $73,737. mid-March. If this positive trend continues, investors could see the Bitcoin price reaching its all-time high or even higher before the end of the year.
At the time of writing, Bitcoin’s price is just above $62,000, reflecting a 2.3% increase in the past 24 hours.
Bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image created by Dall.E, chart from TradingView