CryptoQuant: If demand continues to grow, bitcoin price could reach $160,000–$200,000 in Q4

Jinse Finance reported that CryptoQuant stated that since July, spot demand for bitcoin has continued to rise, with apparent demand increasing by more than 62,000 bitcoins per month. The company also pointed out that this sustained demand also appeared before the Q4 bull runs in 2020, 2021, and 2024. CryptoQuant noted that both bitcoin whale and ETF demand are showing strong momentum. The annual growth rate of whale holdings is 331,000 BTC, compared to 255,000 in Q4 2024, 238,000 at the beginning of Q4 2020, and a decrease of 197,000 in 2021. On the other hand, US-listed bitcoin ETFs purchased 213,000 BTC in Q4 2024, a quarter-on-quarter increase of 71%. CryptoQuant's Head of Research, Julio Moreno, stated that similar growth could occur this quarter. From a price perspective, CryptoQuant said that bitcoin needs to break through the "traders' on-chain realized price" of $116,000 to return to its cyclical "bull market" phase. This threshold has now been surpassed, with bitcoin trading at around $117,300, and the company expects the price this quarter to be in the range of $160,000 to $200,000.