According to CryptoQuant analysts, Bitcoin is poised for a favorable seasonal period, aligning with historical trends. However, the central factor for Bitcoin to ascend towards the $100,000 mark in Q4 is a surge in demand. As noted, by 2024, Bitcoin’s trajectory may mirror patterns observed in 2016 and 2020, reaching notable highs in September. The role of institutional interest, particularly spurred by U.S. Bitcoin exchange-traded funds (ETFs), is highlighted as pivotal in this anticipated upward trend. Sustained ETF demand could act as a catalyst, potentially propelling Bitcoin figures upward in late 2024. On-chain data further indicates that Bitcoin might aim for the $85,000 to $100,000 bracket in the upcoming quarter, underpinned by revitalized demand and inherent seasonal advantages. This analysis suggests a promising outlook for Bitcoin, contingent on market dynamics remaining conducive.
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