Bitcoin is entering a phase of expected positive seasonal performance as it approaches the fourth quarter of 2024, with projections of a price range between $85,000 to $100,000. Historical data indicates substantial growth in previous halving years. Current demand from US spot ETFs shows a resurgence, which could significantly influence the price in the coming months.

The narrative surrounding Bitcoin’s price as it approaches the conclusion of 2024 has gained significant traction, particularly focusing on its prospective performance in the fourth quarter. Recent insights from CryptoQuant, a noted blockchain analytics firm, indicate that Bitcoin is poised to enter a phase of positive seasonal performance, echoing historical patterns observed during prior halving years. According to the research, Bitcoin typically exhibits commendable growth in the last quarter of halving years, with past data revealing increases of 9%, 59%, and an impressive 171% in the years 2012, 2016, and 2020, respectively. Impressively, Bitcoin has already witnessed a 46.79% rise in value in 2024 thus far. Notably, CryptoQuant has set an ambitious price target of between $85,000 to $100,000 for Bitcoin by the end of this year, projecting a potential yearly performance increase of 100% to 138%. However, the firm also underscores certain prerequisites that must align for Bitcoin to continue its upward trajectory, with demand being a fundamental component. It has been observed that demand for Bitcoin has fluctuated significantly over the recent months, indicating a stark contrast to the demand surge experienced in April 2024 when it reached a remarkable 498,000 BTC. Contributing positively to Bitcoin’s demand, there has been an uptick in interest from spot exchange-traded funds (ETFs) in the United States. CryptoQuant has reported a shift from net selling 5,000 BTC in early September to net purchasing 7,000 BTC by the end of the month. This resurgence in demand from ETFs is reminiscent of early 2024 when net buying reached nearly 9,000 BTC daily, significantly driving the price to its all-time high of $73,737 in March 2024. Current trading indicates that Bitcoin’s price remains above $62,000, showing a modest increase of 2.3% in the last 24 hours.

Bitcoin has consistently captured the attention of investors and analysts alike, especially during halving years, where historical patterns suggest enhanced price performance. The cryptocurrency market’s dynamics, particularly in relation to Bitcoin’s seasonal behavior during the fourth quarter, are essential in predicting future price movements. Moreover, the role of spot ETFs and their impact on Bitcoin’s demand highlight a crucial aspect of institutional investment in this digital asset.

In summary, the potential for Bitcoin to reach a price range between $85,000 and $100,000 by the end of 2024 appears plausible, contingent upon favorable market conditions and increasing demand, particularly from ETFs. As observed historically, the fourth quarter of halving years tends to yield positive price momentum, with key indicators suggesting that Bitcoin may be on a path towards revitalization in the latter part of the year.

Original Source: bitcoinist.com

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