Bitcoin Faces Critical Demand Challenges as Q4 Begins
According to a report from CryptoQuant analysts released on Tuesday, Bitcoin's demand appears to be stabilizing, but significant growth is needed in the fourth quarter to support higher price levels.
Since July, the demand for Bitcoin , which CryptoQuant measures as the difference between the daily block subsidy and the change in the number of BTC that have remained untouched for a year or more, has varied widely, showing a monthly net loss of 23,000 BTC to a gain of 69,000.
September, however, experienced reduced volatility, with demand gradually increasing throughout the month.
Despite this uptick, analysts believe the growth observed in September was not enough to initiate a sustained price increase. They noted that in April, for example, apparent demand surged by as much as 496,000 BTC while prices were around $70,000, indicating that there is still significant potential for demand growth in the upcoming quarter.
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Analysts concluded that if historical trends hold true, demand growth is expected to pick up again, potentially leading to an increase in short-term supply.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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