Originally published on: October 02, 2024
As Bitcoin enters a season of positive sentiment, analysts predict that reaching a $100,000 price tag in the fourth quarter depends on increasing demand. CryptoQuant analysts suggest that historically, Bitcoin tends to perform well in October during bull cycles, especially in halving years like 2024. This trend typically extends into the final quarter of the year, offering potential for significant price growth.
In previous halving years, such as 2012, 2016, and 2020, Bitcoin prices experienced notable increases of 9%, 59%, and 171%, respectively. Comparing 2024 to 2016 and 2020, CryptoQuant analysts see similarities in performance, indicating a potential bullish trend ahead.
Despite Bitcoin’s recent bearish phase in August and September, a return to positive sentiment is expected in Q4. However, to sustain higher prices, demand needs to increase further. Institutional demand through US-based Bitcoin exchange-traded funds (ETFs) plays a crucial role in driving price growth, with recent data showing a shift from net selling to net buying.
Increased institutional demand for Bitcoin investment products, along with geopolitical tensions in the Middle East and Federal Reserve interest rate cuts, could contribute to reaching a price target of $85,000 to $100,000 by the end of December. Consequently, market participants are closely monitoring these factors to gauge Bitcoin’s future price movements.
While this article does not offer investment advice, it highlights the importance of monitoring demand trends and external factors that could impact Bitcoin’s price trajectory. As always, conducting thorough research and analysis is essential for making informed investment decisions in the volatile cryptocurrency market.
