Bitcoin Demand Grows At Fastest Pace Since April — Is BTC Price Next?

Robert Novoski

According to the latest on-chain data, the demand for Bitcoin, the world’s largest cryptocurrency, has increased over the past few days. The question here is – can this increasing pressure drive Bitcoin’s rise?

Could the Recent Surge in Demand Reignite the Bull Run?

CryptoQuant head of research Julio Moreno took to the X platform to share interesting on-chain observations about Bitcoin and investor appetite over the past few weeks. According to on-chain experts, BTC demand is growing at the fastest monthly pace since April 22.

These on-chain disclosures are based on real demand metrics, which measure the difference between the total daily Bitcoin block subsidy and the daily change in the number of Bitcoins held over a year or more. This metric reflects how much BTC is in active circulation and demanded by the market.

As previously reported, Bitcoin demand has seen a steady decline since April when the Bitcoin price hovered around the $70,000 mark. Bitcoin demand has trended negative at times over the past six months, leading to a relatively calm market climate.

In an October 2 report, CryptoQuant revealed that the flagship cryptocurrency may be entering a period of positive seasonal performance, especially as Q4 of all halving years is historically bullish. However, the on-chain analytics company highlighted that increasing demand is one of the important factors that must be aligned for BTC price to continue its upward trajectory.

With the rate of demand growth now back to April levels, it appears Bitcoin prices are poised to rise. Therefore, there is a higher possibility that this major cryptocurrency will return to its all-time high price and potentially print a new price in Q4 2024.

Bitcoins

A chart showing BTC's apparent demand and price in 2024 | Source: jjcmoreno/X

However, Moreno noted in his post that demand momentum is still negative at the moment. CryptoQuant’s head of research said that while “there are still more sales than purchases, the scale of this imbalance has reduced.”

Bitcoin Price at a Glance

As of this writing, BTC price is just above the $63,000 mark, reflecting an increase of just 1.1% in the last 24 hours. According to data from CoinGecko, the main cryptocurrency is up more than 2% in the past week.

Bitcoins

The price of BTC holds above $63,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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