Bitcoin (BTC) usually performs well in the fourth quarter of bull cycle years, especially after halving events. CryptoQuant analysts say this year will be no different; however, things are not adding up.<\/p>\n
According to a CryptoQuant report<\/a>, Bitcoin\u2019s apparent demand growth is still slow, and it will need to grow at faster rates to propel and sustain price rises in Q4.<\/p>\n Seasonal performances seen in 2012, 2016, and 2020, which are all halving years, recorded increases of 9%, 59%, and 171%, respectively, for the price of BTC. So far in 2024, bitcoin\u2019s performance has been similar to patterns seen in 2016 and 2020, indicating a high chance that the price would rally in the coming months.<\/p>\n The only difference between 2024 and 2020 is that BTC entered Q4 hovering between the bull and bear phases this year, while the asset entered Q4 2020 in a clear bull phase. The CryptoQuant Bull-Bear Market Cycle Indicator tracked this movement, signaling that BTC had been hovering between the bull and bear phases for the past three weeks.<\/p>\n Demand needs to grow for BTC to remain steady in the bull phase. Based on past trends, analysts expect it to resume, possibly leading to an increase in short-term supply. The launch of spot Bitcoin exchange-traded funds (ETFs) earlier in 2024 caused a spike in supply, which reflected high demand as long-term holders sold to new buyers.<\/p>\n Currently, Bitcoin\u2019s apparent demand growth appears muted, and it has been so since July, oscillating between -23,000 and +69,000 BTC monthly. This metric grew by 496,000 BTC in April when the asset was hovering at $70,000; hence, there is a lot of room for growth in Q4.<\/p>\n Spot Bitcoin ETFs in the United States are already showing signs of increasing demand. They moved from net selling 5,000 BTC in early September to buying<\/a> roughly 7,000 BTC by the end of the month. Analysts said this is the highest<\/a> daily purchase since July 21.<\/p>\n Meanwhile, on-chain data valuation metrics suggest BTC could rally to $85,000 or $100,000 once prices pick up in Q4. Analysts called these target prices the upper and maximum levels of traders\u2019 on-chain realized bands.<\/p>\n The post Bitcoin Enters Positive Seasonality Period, But There\u2019s a Catch: CryptoQuant<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) usually performs well in the fourth quarter of bull cycle years, especially after halving events. CryptoQuant analysts say this year will be no different; however, things are not adding up. According to a CryptoQuant report, Bitcoin\u2019s apparent demand growth is still slow, and it will need to grow at faster rates to propel […]<\/p>\n","protected":false},"author":0,"featured_media":11568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11567"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11567"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11568"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC Demand Needs to Pick-up<\/h2>\n
BTC Targets $85K to $100K<\/h2>\n