Analysts Predict Bitcoin Price Soaring to $100,000 by December 2024
The recent surge in Bitcoin's Price has captured the attention of the cryptocurrency community, with many wondering if the premier Digital asset can achieve a new all-time high by the end of 2024. CryptoQuant, a leading blockchain Analytics firm, has released a report shedding light on the potential Price trajectory of Bitcoin in the coming months.
Bitcoin's Historic Q4 Performance
CryptoQuant's analysis reveals that Bitcoin typically experiences significant Price gains in the final quarter of a halving year. Historical Data shows that the cryptocurrency saw Price increases of 9%, 59%, and 171% in the Q4 periods following the 2012, 2016, and 2020 halving events, respectively.
With Bitcoin already up by 46.79% in 2024, CryptoQuant has set an ambitious end-of-year Price target range of $85,000 to $100,000. Achieving this milestone would require a Q4 rally pushing the annual Price performance to between 100% and 138%.
Factors Influencing Bitcoin's Price Trajectory
While CryptoQuant is optimistic about Bitcoin's potential to reach new highs, the firm also highlights key factors that could impact its Price trajectory. One critical factor is demand, which has been relatively flat in recent months.
According to CryptoQuant's Data, Bitcoin demand has fluctuated between -23,000 and +69,000 BTC since July. The surge in demand observed in April, when the cryptocurrency was trading around $70,000, suggests that increasing demand could drive the Price higher in the latter part of 2024.
Increasing Demand from US Spot ETFs
One encouraging sign for Bitcoin's Price Growth is the rising demand from spot Exchange-traded funds (ETFs) in the United States. CryptoQuant's Data shows that US ETFs went from net selling 5,000 BTC in early September to net buying 7,000 BTC by the end of the month.
During the first quarter of 2024, the US spot ETF Market was purchasing nearly 9,000 BTC daily, contributing to Bitcoin's surge to its current all-time high of $73,737 in mid-March. If this trend continues, investors could witness a return to the all-time high or potentially even surpass it by the end of the year.
Current Bitcoin Price and Market Outlook
As of the latest Data, Bitcoin is priced just above $62,000, marking a 2.3% increase in the past 24 hours. While the cryptocurrency has shown resilience in the face of Market fluctuations, analysts and investors remain cautiously optimistic about its future prospects.
Overall, the convergence of positive on-Chain indicators, growing demand from institutional investors, and the Digital asset's inherent scarcity continue to fuel speculation about Bitcoin's potential to reach $100,000 by December 2024.
Conclusion
The cryptocurrency Market remains dynamic, with Bitcoin's Price trajectory closely watched by investors and enthusiasts alike. As the final quarter of 2024 unfolds, all eyes will be on whether the premier Digital asset can achieve new Price milestones and continue its upward trajectory.
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