As a seasoned crypto investor who has weathered multiple market cycles, I find the recent predictions about Bitcoin reaching $100,000 by December 2024 intriguing, to say the least. Having witnessed the meteoric rise and fall of Bitcoin’s price over the years, I’ve learned to take such predictions with a grain of salt, but also with a hint of hopeful optimism.
In the past few weeks, the significant surge in Bitcoin‘s price as it concluded Q4 in 2024 has been a major talking point in the cryptocurrency world. It is intriguing to note that a well-known blockchain company has recently shared exclusive on-chain predictions about Bitcoin’s future price trend.
Can Bitcoin Price Reach $100,000 By December 2024?
According to recent findings from CryptoQuant, Bitcoin’s price is poised for an uptrend during the upcoming seasonally favorable Q4, as it often experiences strong growth towards the end of a halving cycle. This trend, as emphasized by the on-chain analytics company, has been historically consistent in the last three months of such years.
2012, 2016, and 2020 saw impressive Bitcoin price surges of 9%, 59%, and 171% respectively, as reported by CryptoQuant. These years marked the first three halving events. As of now in 2024, Bitcoin has already risen by approximately 46.79%.
It’s noteworthy that CryptoQuant predicts a year-end Bitcoin price ranging from $85,000 to $100,000. If this prediction holds true, it would mean a Q4 rally propelling the coin to a new price high and yielding a yearly performance of 100% to 138%.
Yet, the blockchain company has pinpointed several conditions that should coincide for the Bitcoin price to rebound and possibly attain a fresh peak. A key condition is demand, which has remained relatively unchanged in recent months.
According to CryptoQuant’s analysis, the growth in Bitcoin demand has fluctuated between approximately -23,000 to +69,000 Bitcoins since July. To put this into perspective, demand peaked at an astounding 498,000 Bitcoins in April when Bitcoin was hovering near its $70,000 value. This pattern indicates that a sustained increase in demand may potentially boost the price of Bitcoin by the end of 2024.
BTC Demand From US Spot ETFs On The Rise
In recent weeks, there’s been a noticeable increase in interest for Bitcoin through exchange-traded funds (ETFs) in the U.S. As per CryptoQuant’s data, these Bitcoin funds have transitioned from selling approximately 5,000 Bitcoins at the start of September to purchasing around 7,000 Bitcoins by the end of the month.
During the first quarter of 2024, the US spot ETF market bought approximately 9,000 Bitcoins every day, propelling Bitcoin to its current record high of $73,737 around mid-March. If this upward trend persists, investors might witness Bitcoin reaching or even surpassing its all-time high by the end of the year.
Currently, Bitcoin’s value hovers slightly over $62,000, demonstrating a 2.3% rise within the past day.
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2024-10-06 01:41