ccording to CryptoQuant, Bitcoin was gearing up for a powerful move to the upside for the fourth quarter 2024 and 1st quarter 2025 as historical data shows these quarters as performing better than others. However due to weak demand growth, the upside move could be hampered.
Market Dynamics
The report states that Bitcoin demand has been fluctuating In a range between -23,000 and +69,000 since the month of July. To put things into contrast, in April, BTC’s demand hit 469,000 Bitcoin which sent the prices of BTC to $73,000. CryptoQuant Report hi lights the fact that Q4 might underperform despite high expectations due to flat demand.
Mixed Signals and ETF Activity
In recent weeks, investors increased their optimism for a bullish Q4, as spot BTC ETF witnessed incensed inflows and reduced outflows, with a significant purchase of approximately 7,000 BTC On September 26, which hinted for possible increased interest. However, recent geopolitical tensions and risk of WW3 has reversed all gains in the past week.
Bitcoin's Q4 Hurdle
Despite data showing that Bitcoin is currently entering a bull cycle, the momentum is weakest yet in previous halving years. According to on-chain metrics, we might see resistance within the range of $85,000 and $100,000. But without strong demand recovery, Bitcoin and Altcoins could miss these audacious targets in Q4.
