Bitcoin

In September 2024, Bitcoin remained stable, hovering above $56K, which sparked ongoing debates about the market direction. Some speculate that Bitcoin may be entering a bear market phase, while others still see its potential for strong upward breakthroughs. Julio Moreno, the research director of Cryptoquant, participated in the discussion and attributed the decline in Bitcoin's price to a lack of demand growth. However, voices in other areas of the cryptocurrency field believe that the current downtrend may be laying the groundwork for an impressive rise in Bitcoin's value.

Bitcoin enters a range when prices drop due to decreased demand.

September is not friendly to Bitcoin (BTC), continuing the trend since 2013, as this month has often proven to be a challenging period for this top cryptocurrency asset. BTC ended August in the negatives, and Google Trends data shows a significant lag in public interest in Bitcoin. On Thursday, Julio Moreno, research director of cryptoquant.com, shared his thoughts on X, indicating a significant decrease in demand.

"The reason for the decline in Bitcoin price is simple, because there is no demand growth. In fact, demand is now declining. Basically, all valuation indicators are in bear market territory," Moreno wrote. "Price levels to watch: $55.5K - the on-chain realized price floor for traders," the researchers added.

Call or put? What is the next step for Bitcoin in the mixed market sentiment?
Chart shared by Cryptoquant research director Julio Moreno on X.
When asked if he thinks BTC will hit a new all-time high in the fourth quarter, Moreno responded:

Unfortunately, no one knows. That's why we monitor demand and other indicators. Yes, seasonality is positive in the fourth quarter. But it also depends on the overall economy and the Bitcoin market conditions.

Meanwhile, with Bitcoin's value further declining, some believe an unexpected turn may be on the horizon. "Crypto Twitter feels like a ghost town, most major YouTube influencers finally turning bearish. This is exactly where Bitcoin can surprise everyone, Bitcoin will do its own thing," X account Cryptomoon commented. "Bitcoin long-term holders' supply is increasing. It's not a time to put, now," another X account stated.

With Bitcoin hovering in a key price range, there is still a disagreement in the market between the cautiousness of the bearish view and the optimism of the bullish view. While some people are waiting for further declines, others believe a breakthrough may be imminent. In the midst of lingering uncertainty, the next few weeks may reveal whether Bitcoin will defy historical trends or be constrained by stagnant demand and waning interest. Many people are fully confident that the fourth quarter will bring some excitement, as past trends have shown, especially in bull market years, as Moreno mentioned.

However, as emphasized by Cryptoquant researchers, no one can predict the future with certainty. While data and charts provide useful clues, the market has a way of surprising experts. In the unpredictable world of cryptocurrency assets, surprises are always lurking, and you can never truly know what will happen next.