Experts anticipate that Bitcoin [BTC] could reach unprecedented levels ranging from $85,000 to $100,000 in the fourth quarter of 2024. The surge in demand, historical seasonal trends, and on-chain data all drive this upward momentum.
Throughout its history, Bitcoin has shown strong performance during halving years, and 2024 is expected to align with this pattern.
Increasing Demand Fueling Bitcoin’s Ascendancy
The current surge in Bitcoin’s value is a direct result of escalating demand that has been steadily building up over the course of 2024. Recent insights from Cryptoquant indicate that BTC is fast approaching crucial price thresholds where short-term traders typically cash in their profits following a rally.
While there may be indications of profit-taking within the $85,000 to $100,000 range, overall market sentiment remains positive.
Institutional interest has been a significant driving force behind this price hike. Many market participants now view Bitcoin as a hedge against inflation and a safe haven asset during times of economic uncertainty. This heightened demand could well propel Bitcoin towards the $85,000 to $100,000 mark in the fourth quarter of 2024.
Source: CryptoQuant
Historical Halving Trends Point to Further Growth
Bitcoin’s performance in 2024 mirrors that of previous halving years. In 2012, there was a 9% increase in Q4, followed by a 59% upsurge in 2016. The standout year thus far was 2020, with Bitcoin surging by an impressive 171%.
Given that 2024 is another halving year, the cryptocurrency’s price movement positions it for a potentially explosive culmination in Q4.
This historical pattern strongly supports the notion that Bitcoin could reach the $85,000 to $100,000 threshold, as its performance traditionally peaks towards the end of halving years.
Source: CryptoQuant
Is Bitcoin Nearing a Monumental Breakthrough?
As Bitcoin edges closer to price levels between $85,000 and $100,000, many short-term traders tend to cash out after such rallies.
While this could lead to temporary volatility, it does not necessarily signal a prolonged downtrend.
In reality, this scenario indicates a robust market as long-term holders continue to exert upward pressure.
With rising demand, solid on-chain indicators, and favorable historical trends converging, Bitcoin appears poised to breach the $85,000 to $100,000 range by the conclusion of Q4 2024.