Bitcoin is bullish to $200,000 by the end of the year, driven by Whales and ETF to recreate the bull run.

BlockBeats news, on October 3, according to data from CryptoQuant, Bitcoin's apparent demand is growing at a rate of about 62,000 coins per month, a context similar to the fourth quarters of 2020, 2021, and 2024, when prices saw significant pumps. Historically, sustained demand growth often provides support for price rises. This round of expansion is mainly driven by Whales and ETFs. The balances of large holders are growing at an annualized rate of 331,000 Bitcoins, a trend stronger than the 255,000 in Q4 2024 and the 238,000 at the beginning of Q4 2020, and in stark contrast to the reduction of 197,000 in 2021 when the market was weak. ETFs may add more momentum. In Q4 2024, these products bought a total of 213,000 Bitcoins, with Holdings increasing by 71%, and further increases are expected before the end of this year. However, for demand to truly translate into a breakout, price momentum remains key. On-chain valuations show that traders' 'realized price' at $116,000 is a significant threshold. Once the price breaks this level, it means the market re-enters the cycle indicator range of a 'bull run' phase and may open a valuation range of $160,000 to $200,000 in the fourth quarter.