Bitcoin projected to hit $100K by Q4 2024
The Key Takeaways
- Bitcoin could reach a price range of USD 85,000 to 100,000 in the fourth quarter of 2024.
- Historical data suggests that Bitcoin experiences significant price gains during halving years.
- Institutional investments and increasing demand are driving the price upwards.
- On-chain data indicates potential profit-taking by short-term traders, without expectations of a long-term downward trend.
Bitcoin on Track for New Highs in 2024
Bitcoin (BTC) could reach a new milestone in the fourth quarter of 2024. Experts predict that the price could rise to USD 85,000 to 100,000. This forecast is based on various factors, including increasing demand, historical price patterns in halving years, and supportive on-chain data.
Rising Demand Drives Bitcoin Price
Demand for Bitcoin has steadily increased throughout 2024. According to an analysis by CryptoQuant, Bitcoin is approaching key price levels. These levels are often where short-term traders begin to realize their profits. Nonetheless, the overall market sentiment remains optimistic, suggesting a potential continuation of the upward trend.
Institutional investors play a crucial role in this development. Many market participants increasingly view Bitcoin as a hedge against inflation and a safe haven in uncertain times. This demand could push Bitcoin’s price into the USD 85,000 to 100,000 range by the end of 2024.
Halving Years as a Catalyst for Price Gains
Historically, Bitcoin has seen significant price gains during halving years. During a halving, the reward for mining new blocks is halved, reducing the supply of new Bitcoins. This has often led to a price increase in the past.
In the fourth quarter of 2012, Bitcoin’s price rose by 9%, while it surged by 59% in 2016. The largest increase to date occurred in 2020, when the price climbed by 171%. Since 2024 is also a halving year, many analysts expect Bitcoin to experience another strong fourth quarter.
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Profit-Taking Could Trigger Short-Term Volatility
As Bitcoin approaches the USD 85,000 to 100,000 range, short-term traders may begin to realize their profits. This could lead to short-term price declines. However, this is seen as healthy market activity and does not indicate a long-term downward trend.
Long-term investors continue to hold their positions, maintaining upward pressure on the price. The combination of rising demand, strong on-chain data, and historical patterns suggests that Bitcoin could reach the USD 85,000 to 100,000 price range by the end of 2024.
Our Assessment
The signs for a further increase in Bitcoin’s price are promising. Historical data and current market trends indicate that 2024 could be another strong year for Bitcoin. Short-term volatility due to profit-taking is expected, but the long-term outlook remains positive. For investors looking for a hedge against inflation or a long-term investment, Bitcoin may continue to be an attractive option.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $63,541.00 |
| 24h % | 2.00 % |
| 7d % | -0.75 % |
| 30d % | 16.46 % |
| 60d % | 9.74 % |
| 1y % | 127.13 % |
| Market Cap | $1,254,862,371,743.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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