Bitcoin 
$61,635‘s current trends reflect its successful periods in 2016 and 2020. However, demand has been stable since July. CryptoQuant analysts examined Bitcoin’s performance during this period and made predictions for the future.
US Spot ETFs Boost Demand
According to analysts, the growth in Bitcoin demand has stopped since July. Compared to the increase in demand experienced in April, demand is expected to recover in the fourth quarter. Exchange-traded funds (ETFs), especially in the USA, play an important role in increasing the demand for Bitcoin. BlackRock’s IBIT ETF added nearly 10,000 BTC, investing $612 million in the last seven trading days.
Total Bitcoin Portfolio of 56 Billion Dollars
Latest data shows BlackRock’s IBIT ETF holds 367K Bitcoin; This corresponds to approximately 1.7 percent of the total 21 million BTC. Eleven US funds combined own 926,638 Bitcoins, worth $56.7 billion. Since the launch of the new funds in early 2024, Grayscale’s GBTC has experienced over $20 billion in outflows.
Willy Woo: It Will Take Time to Reach New All-Time High
According to CryptoQuant’s analysis, the recovery of Bitcoin demand could lead BTC to reach $85,000 – $100,000 this quarter. However, long-term observer Willy Woo noted that it will take time for BTC to reach new all-time highs.
Woo said, “As the structural transition is made from low to neutral levels in the medium term, we expect a retrograde rise. It will take time to reach ATH. In the short term, it would be appropriate to wait 1-3 weeks. “If Uptober does not occur, October will remain flat and a long-term positive outlook will continue in November-December,” he said.
Outlook for the Future of Bitcoin
The current state of the Bitcoin market carries the potential for balanced growth in the coming period, considering both demand dynamics and the role of ETFs. Experts expect that mobility may remain limited in the short term, but positive trends will continue in the long term.
For Bitcoin investors, current market conditions include dynamics that need to be monitored carefully. The investment opportunities and demand changes offered by ETFs stand out as important factors in determining the value of Bitcoin and its place in the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
