Bitcoin is expected to reach $200,000 by the end of the year, with whales and ETFs driving the bull market again
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最新报道：According to CryptoQuant data from October 3rd, apparent demand for Bitcoin is growing at a rate of approximately 62,000 per month. This trend is similar to the fourth quarters of 2020, 2021, and 2024, all of which saw significant price increases. Historically, sustained demand growth has often fueled price increases. This current expansion is primarily driven by large whales and exchange-traded funds (ETFs). Large holders' balances are increasing at an annualized rate of 331,000 BTC, a stronger trend than the 255,000 BTC in Q4 2024 and the 238,000 BTC at the beginning of Q4 2020. This is in stark contrast to the 197,000 BTC decline during the market downturn of 2021. ETFs may add further momentum. In Q4 2024, these products purchased 213,000 BTC, a 71% increase in holdings, and further increases are expected before the end of the year. However, price momentum remains crucial for demand to translate into a breakout. On-chain valuations indicate that $116,000 is a significant threshold for traders to realize their price. A break above this level would signal a reentry into the bull market phase within the cycle indicator range, potentially opening the way to a valuation range of $160,000 to $200,000 in the fourth quarter.
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