According to BlockBeats, on October 3, CryptoQuant analysts said that Bitcoin is entering a positive seasonal phase, but increased demand is the key for BTC prices to reach $100,000 in the fourth quarter.
“By 2024, Bitcoin’s performance is similar to that of 2016 and 2020 through September,” the CryptoQuant analysts added.
CryptoQuant analysts said that institutional demand brought by US Bitcoin exchange-traded funds (ETFs) is the key to further growth in Bitcoin prices. "If ETF demand continues to accelerate, it may drive price increases in the last quarter of 2024. On-chain data valuation indicators suggest that Bitcoin may target a price range of $85,000-100,000 in the fourth quarter against the backdrop of a recovery in demand and favorable seasonality." (Cointelegraph)
