CryptoQuant analysts indicate that Bitcoin’s price could reach $100,000 in Q4 2024, driven by increasing demand and favorable seasonal trends. Historical performance in halving years suggests positive outcomes for the cryptocurrency, but demand must grow significantly for sustained high prices. Recent institutional interest from Bitcoin ETFs shows signs of resurgence, with substantial inflows observed, hinting at optimism for Q4 performance as market conditions evolve.

Analysts at CryptoQuant have indicated that Bitcoin is entering a favorable seasonal phase, suggesting an optimistic outlook for the cryptocurrency’s price, which could potentially reach $100,000 by the fourth quarter of 2024. This assessment is particularly relevant as Bitcoin historically performs well in October during bullish cycles, especially in halving years. CryptoQuant’s observations reveal that previous halving years—namely 2012, 2016, and 2020—demonstrated similar performance trends leading into the fourth quarter. According to the latest weekly report released on October 2, Bitcoin has recently oscillated between bullish and bearish market phases. While it was firmly in a bullish phase from March to August, it has since transitioned into a period deemed bearish for three weeks. Presently, Bitcoin finds itself at a crossroads as it enters Q4, where momentum appears comparatively weaker than during previous bullish trends, such as the clear bull phase witnessed in 2020. Although there are signs that the apparent demand for Bitcoin is stabilizing rather than declining, analysts assert that a considerable increase in demand is crucial for substantial price elevation in the upcoming quarter. Since July, Bitcoin’s apparent demand has fluctuated significantly, with a marked contrast to early April when demand surged drastically while prices were approaching $70,000. The report highlights the importance of institutional demand, particularly from U.S.-based Bitcoin exchange-traded funds (ETFs). Recent data shows a transition from net selling to net buying within these investment products, indicating a potential rebound in demand. Inflows into spot Bitcoin ETFs totaled $1.8 billion between September 13 and September 30, reflecting a burgeoning interest from institutional players in anticipation of rising prices in Q4. Notably, CoinShares reported that the approval of new investment products contributed to attracting over $1 billion in inflows to Bitcoin-related investments within a short timeframe. Looking ahead, if demand continues to grow, Bitcoin price forecasts could reach between $85,000 and $100,000 by year’s end. CryptoQuant emphasizes that indicators rooted in on-chain data support this bullish sentiment, conditioned upon the return of favorable demand and the sustained positive seasonal trends associated with Bitcoin. Market participants are urged to remain vigilant regarding external factors, including geopolitical tensions and economic indicators, which may influence Bitcoin’s price trajectory as we progress into 2024.

The article discusses the potential for Bitcoin to reach a price of $100,000 in the fourth quarter of 2024, hinged on two primary factors: increasing demand for the cryptocurrency and the favorable seasonal patterns traditionally observed during this quarter. Historical performance demonstrates that Bitcoin generally experiences positive returns in October, especially in halving years, which adds a layer of complexity to current market dynamics. As the report from CryptoQuant analyzes market trends, it highlights the importance of institutional interest through products like Bitcoin ETFs and the broader economic climate influencing the demand for Bitcoin. Understanding these trends is crucial for stakeholders aiming to anticipate price movements in the cryptocurrency market.

In conclusion, the prospects of Bitcoin achieving a price target of $100,000 largely depend on the resurgence of demand and the continued favorable seasonal patterns typical of the fourth quarter. Historical data supports an optimistic outlook, contingent upon institutional investments and external economic factors. Stakeholders must remain attentive to market indicators and geopolitical developments that may impact Bitcoin’s pricing dynamics in the near future.

Original Source: cointelegraph.com

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