Apparent demand in those cases peaked at 490,000-550,000 BTC; however, current demand stands at 177,000 BTC, hence there is more room for growth.
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This positive performance is mainly driven by the spike in apparent demand for BTC, which posted a monthly growth of 177,000 BTC last week, its highest reading since April.
Apparent demand refers to the difference between BTC production (mining issuance) and changes in its inventory (supply inactive for more than a year), reaching 496,000 BTC in early April, shortly after the BTC price rallied above $72,000 in March. According to the market analytics platform CryptoQuant, bitcoin’s price rally in the coming weeks could be sustainable because demand for the asset is recovering and growing at its fastest monthly pace since April.
Bitcoin in Positive Seasonal Performance During bitcoin’s seasonal performance in the halving years of 2012, 2016, and 2020, the cryptocurrency boostd by 9%, 59%, and 171%, respectively, in their fourth quarters. Historical data demonstrates how positive and growing apparent demand led BTC price rallies in 2020-2021 and earlier this year. CryptoQuant analysts found that BTC is behaving very similarly to patterns seen in 2016 and 2020.
CryptoQuant says that the expansion of bitcoin’s apparent demand is necessary for the leading cryptocurrency to surge sustainably to record highs. New on-chain data demonstrates that the leading cryptocurrency is currently following previous patterns and is on track to yet another remarkable Q4.
The Price of Bitcoin Could Increase By 9% this Q4, According to CryptoQuant How does this compare to its performance in previous bull cycles?
