Is 2024 the year Bitcoin hits $100K? Key indicators, demand suggest…

• Bitcoin could hit a milestone in Q4.
• BTC price surged by up to 171% in the past halving years, and 2024’s trajectory mirrors those patterns.

Bitcoin [BTC] is expected to reach new highs in the range of $85,000-$100,000 in Q4 2024. Growing demand, historical seasonal movements, and on-chain metrics are driving this price march upwards.

Historically, Bitcoin has done well during halving years, and 2024 will not be an exception.

Rising demand boosts Bitcoin’s rally potential

Bitcoin’s current momentum is a result of demand that has gradually piled on throughout the year 2024. According to the latest insights released by Cryptoquant, the metrics suggest that BTC is approaching significant price levels where short-term traders usually tend to take profits from after a rally.

A trend that points to potential profit-taking between the range of $85,000 and $100,000, but overall, the market is optimistic.

Institutional interests have 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 demand could very well push Bitcoin to $85k-100k in Q4 2024.

Source: CryptoQuant

Historical halving trends signal more gains

So far, the 2024 performance of Bitcoin is in lockstep with that of previous halving years.

In 2012, the price appreciated 9% in Q4, while in 2016, it moved upwards by 59%. The best year to this day, however, has been 2020, when Bitcoin rallied 171%.

With 2024 being a halving year, this very movement of the cryptocurrency’s price has put it in a position for an explosive finish in Q4.

This historical trend is strong support for the argument that Bitcoin might hit the range of $85,000-100,000 since several times its performance peaks toward the end of the halving year.

Source: CryptoQuant

Is Bitcoin edging for a milestone move?

As Bitcoin approaches $85k–$100k price levels, most of the short-term traders tend to start cashing out after such rallies. 

While this might indeed lead to some short-term volatility, it does not signal a long-term downtrend.

Read Bitcoin’s [BTC] Price Prediction 2024–2025

In fact, this reflects healthy market activity as long-term holders continue to maintain upward pressure.

With the upward demand, strong on-chain metrics, and supportive historical patterns converging. Bitcoin is positioned for a move into the range between $85,000 and $100,000 by the end of Q4 2024.