CryptoQuant: The increase in demand is key to BTC price reaching $100,000 in Q4

CryptoQuant analysts suggest that Bitcoin is entering a positive seasonal phase, but an increase in demand is key to BTC's price reaching $100,000 in the fourth quarter. The CryptoQuant analyst added: "By 2024, Bitcoin's performance will be similar to its performance up until September of 2016 and 2020." CryptoQuant analysts indicate that institutional demand brought about by U.S. Bitcoin Exchange Traded Funds (ETFs) is crucial for further growth in Bitcoin prices. "If ETF demand continues to accelerate, it could drive a price increase in the last quarter of 2024. On-chain data valuation indicators suggest that with rising demand and seasonal benefits, Bitcoin may target a price range of $85,000-$100,000 in the fourth quarter."