- Bitcoin has been teetering on the brink of a bear market for the last three weeks.
- To keep Bitcoin price stable during the bull period, demand must increase.
After a halving event, Bitcoin’s (BTC) performance tends to improve in the fourth quarter of bull cycle years. Despite predictions from CryptoQuant that this year would be similar, the numbers just don’t make up.
During the three halving years of 2012, 2016, and 2020, the seasonal results for the price of Bitcoin were as follows: 9%, 59%, and 171%. The price of bitcoin is likely to rise in the next months. Due to the fact that its 2024 performance is like that of 2016 and 2020.
Slow Demand Growth
In 2024, Bitcoin was in a confusing position between a bull and a bear market when the fourth quarter began. Whereas in 2020, it was clearly in a bull market when the same quarter began. According to the CryptoQuant Bull-Bear Market Cycle Indicator, which monitored this movement, Bitcoin has been teetering on the brink of a bear market for the last three weeks.
The apparent demand for Bitcoin is still growing slowly, and greater rates of growth are required to drive and maintain price increases in Q4, according to a report by CryptoQuant.
To keep Bitcoin price stable during the bull period, demand must increase. Analysts anticipate it to restart based on historical tendencies, which might result in a rise in short-term supply. Supply spiked in 2024 due to the debut of spot Bitcoin ETFs, reflecting strong demand as long-term holders sold to new purchasers.
With monthly fluctuations between -23,000 and +69,000 BTC, Bitcoin’s apparent demand growth has been rather subdued since July. In April, when the asset was trading at $70,000, this measure increased by 496,000 BTC; so, there is enough opportunity for growth in Q4.
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