It is expected that Bitcoin will reach new highs in the $85,000-100,000 range in Q4 2024. Growing demand, historical seasonal movements, and on-chain metrics are driving this upward march in prices.
Historically, Bitcoin had a positive trend during the halving years and 2024 will be no exception.
Growing demand increases Bitcoin’s recovery potential
Bitcoin’s current momentum is the result of a demand that has gradually accumulated over the course of the year 2024. According to the latest insights released by Cryptoquantmetrics suggest that BTC is approaching significant price levels from which Short-term traders usually tend to take profits after a rally.
A trend that indicates potential profits between $85,000 and $100,000, but overall the market is optimistic.
The Institutional interests played a key role in this price surge. Most market participants increasingly see it as a hedge against inflation and a safe asset in times of uncertainty. Such a question may well push Bitcoin to 85,000-100,000 dollars in Q4 2024.
Historical halving trends signal further gains
So far, Bitcoin’s performance in 2024 is in line with that of previous halving years.
In 2012, the price rose 9% in Q4, while in 2016 it rose 59%. The best year to date, however, was 2020, when Bitcoin rose 171%.
Since 2024 was the year of the halving, this very movement in the price of the cryptocurrency put it in a position to guarantee it an explosive close in the fourth quarter.
This historical trend is strong support for the thesis that Bitcoin could reach the $85,000 to $100,000 rangeas on several occasions its performance peaks towards the end of the halving year.
Is Bitcoin approaching a major milestone?
When the price of Bitcoin approaches $85,000-100,000, most short-term traders tend to start cashing out after such rallies.
Although this actually might lead to some short-term volatilityis not a sign of a long-term downward trend.
In reality, this reflects healthy market activity, as long-term holders continue to apply upward pressure.
With increasing demand, strong on-chain metrics and converging historical support patterns, Bitcoin is positioned for a move in the range between $85,000 and $100,000 I enter the end of Q4 2024.
Source: AMBCrypto
