According to The Block, analysts at cryptocurrency exchange Bitfinex predict that the current Bitcoin bull market cycle may peak in the fourth quarter of 2024. The analysts explained in a note:
“Historical data shows that Bitcoin usually reaches new all-time highs (ATH) a few months after the halving event. Therefore, we predict that the market peak may occur around the fourth quarter of 2024.”
In addition, analysts also pointed out that Bitcoin has generally reached market peaks when the market value to realized value (MVRV) ratio exceeded 3.2 in the past, and the current MVRV value is about 2.56, indicating that there may be further growth before the digital asset reaches its peak. space.
Bitfinex analysts predict that Bitcoin can reach at least $120,000 during the current cycle based on on-chain indicators and historical patterns. While there are many price targets predicting that Bitcoin may reach higher values during this cycle, they believe these targets Overrated.
Finally, the Bitfinex analyst added that investors may begin to invest more broadly in crypto assets, not just Bitcoin, but also the upcoming Ethereum ETF and various other altcoins.
This article Bitfinex Analyst: Bitcoin price target is 120,000 mg, but it may peak "at this time" this year first appeared on Zombit.
