Analysts announced the date on which they expect a rally for Bitcoin!
Analysts of crypto exchange Bitfinex made a statement about when the bull run for Bitcoin may begin. Bitfinex analysts said for Bitcoin: âHistorical data shows that Bitcoin usually reaches ATH a few months after the halving. Therefore, we estimate that the market peak may occur in the 4th quarter of 2024.â said.
Analysts noted that Bitcoin has historically reached a market peak when MVRVâ data rises above 3.2; This suggests that BTC may have room for further growth before reaching its top.
Bitfinex analysts wrote, âKey metrics such as the market cap/realized value (MVRV) ratio indicate significant unrealized profit, with the current MVRV value around 2.56; Historically, Bitcoin market tops occur when the #MVRV ratio exceeds 3.2.â he added.
Bitfinex analysts say â#Bitcoin could reach at least $120,000â during the current cycle. Based on onchain indicators and historical cycles, Bitcoin is expected to reach a peak of at least $120,000 during this cycle.â he stated.
They also explained that although there are many price targets predicting that Bitcoin could reach a much higher value during this cycle, they believe these targets are overestimated. âInvesting in crypto assets could begin by expanding away from Bitcoin and into vehicles such as the upcoming #Ethereum ETFs and other altcoins,â Bitfinex analysts added.
According to CoinMarketCap, the world's largest digital asset by market cap is currently changing hands at $71,000.
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