Bitcoin Price Outlook for Q4 2024: Can It Reach $100,000?

The Bitcoin price has been on a remarkable upward trajectory in the fourth quarter of 2024, sparking speculation about whether it can reach $100,000 by December. A recent report from CryptoQuant, a leading blockchain firm, sheds light on the potential for Bitcoin to hit this milestone by the end of the year.

Historically, Bitcoin has performed well in the last three months of a halving year, with significant price increases in previous cycles. In 2012, 2016, and 2020, the price of Bitcoin surged by 9%, 59%, and 171%, respectively. With the current year showing a 46.79% increase so far, CryptoQuant has set an end-of-year target of $85,000 to $100,000 for the premier cryptocurrency.

However, certain factors need to align for Bitcoin to reach this new record high. One critical factor identified by CryptoQuant is demand, which has been fluctuating in recent months. The data shows that Bitcoin demand growth has ranged from -23,000 to +69,000 BTC since July, with a peak of 498,000 BTC in April. A resurgence in demand could potentially drive the Bitcoin price higher in the coming months.

Interestingly, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been increasing, with net buying surpassing net selling in recent weeks. This positive trend in the US spot ETF market could further fuel Bitcoin’s price rally and potentially push it back to its previous all-time high or even beyond.

As of now, the price of Bitcoin is hovering above the $62,000 mark, reflecting a 2.3% increase in the last 24 hours. With the potential for increased demand and a historically bullish Q4, investors are eagerly watching to see if Bitcoin can reach the coveted $100,000 milestone by the end of 2024.