Bitcoin Price Prediction: BTC Chips Into $87,000 Giving Best Weekly Close in 8 Months

Bitcoin price once again leads the broader crypto market upside, moving closer to $87,000 earlier today. After over 40% gains in Q3, Bitcoin (BTC) is now gearing up for a stellar Q4 ahead. Macro factors like a dip in the crude oil price, improving employment data, and greater chances of no rate hikes are contributing to the upside.

Bitcoin Price Prediction: Will It Hit $100K In Q4?

Bitcoin (BTC) delivered a strong Q3 performance in a surprise rally from mid-August. In the last three months, BTC price has gained 40%, leading the broader market recovery. Chart patterns also suggest that the BTC bottom is almost done, and the path to broader recovery has begun.

As of press time, Bitcoin price is trading at $85,600 level with strong bullish momentum. With this, BTC has registered its highest weekly close in nearly eight months. Market analysts are now evaluating whether Bitcoin could continue the rally further to $100K, before the end of 2026.

Crypto analyst LP expects the Bitcoin price to sweep the $97,000 level and trade in the $90,000 range within the next couple of months. LP said the current bull market could be approximately 30% shorter than the previous cycle.

The analyst noted that the latest bear market lasted 266 days compared with 365 days previously and ended roughly 20% shallower. Based on this cycle comparison, LP projected that Bitcoin could reach a new all-time high around July 2027. He believes that it could be followed by a potential macro top around mid-2028.

On-Chain Metrics Show Bitcoin Price Strength

On-chain data shows that Bitcoin long-term holders have continued to show strength. According to the latest market data from Glassnode, Bitcoin’s long-term holders have remained above the underwater threshold throughout the current cycle.

During previous Bitcoin bear markets, the LTH-MVRV ratio fell below 1.0. This indicated that long-term holders were collectively holding unrealized losses. This cycle, however, the metric has remained above 1.0.

Furthermore, Glassnode also noted that Bitcoin whales have stopped sending BTC to crypto exchanges. This is a positive development after a period of sustained net deposits that lasted more than three months.

The analytics firm said the summer-long run of net whale deposits was twice as long as any other such period since 2023. The trend ended in late August, with exchange flows remaining negative since then.

Macro Factors Align for More Bitcoin Upside

Persian Gulf crude oil exports through the Strait of Hormuz surpassed 14 million barrels per day last week for the first time since the Iran War began on February 28, according to The Kobeissi Letter.

The latest figure represents an increase of more than 210% from the low of approximately 4.5 million barrels per day recorded in March. The four-week average has also climbed to around 14 million barrels per day. It also marks the highest levels in the last six months.

Bitcoin’s reported move toward $87,000 appears to signal renewed risk appetite. However, long-term Treasury yields have also climbed sharply, while stablecoin supply has fallen by $854.85 million over the past seven days.

Thus, while the BTC price is gaining momentum on one hand, the broader liquidity scenario is getting more restrictive.