The Bitcoin price having an outstanding Q4 to close the year 2024 has been one of the most prominent narratives in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain firm has weighed in with unique on-chain insights into the BTC’s price trajectory.

Can Bitcoin Price Reach $100,000 By December 2024?

In a new report, CryptoQuant revealed that the price of Bitcoin is entering a period of positive seasonal performance with the historically bullish Q4 yet to take its usual course. The on-chain analytics firm highlighted that the premier cryptocurrency usually performs well in the last three months of a halving year.

According to data from CryptoQuant, the Bitcoin price increased by 9%, 59%, and 171% in 2012, 2016, and 2020 (the first three halving years), respectively. Meanwhile, the value of the premier cryptocurrency is up by 46.79% so far in 2024.

Interestingly, CryptoQuant put forward an end-of-the-year target of between $85,000 to $100,000 for the Bitcoin price. It is worth noting that the Q4 rally to this new price high would place the coin’s yearly performance between 100% and 138%.

However, the blockchain firm has identified certain factors that need to align for the Bitcoin price to resume its bull run and potentially reach a new record high. One of these critical factors is demand, which has been mostly stagnant over the last few months.

Source: CryptoQuant

CryptoQuant data shows that Bitcoin demand growth has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as high as a staggering 498,000 BTC in April when the market leader danced around the $70,000 price level. Ultimately, this suggests burgeoning demand could have a positive impact on the Bitcoin price in the latter part of 202

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Author: Opeyemi Sule