Key Points
- Bitfinex's analysts predict the peak of Bitcoin's bull market may happen in Q4 2024.
- They also forecast that Bitcoin could reach at least $120,000 during the current cycle.
Analysts from the crypto exchange Bitfinex suggest that the existing bull market cycle for Bitcoin may culminate in the last quarter of 2024.
They base their predictions on historical data, which indicates that Bitcoin often hits a new all-time high several months post the halving event.
Market Value to Realized Value Ratio
The analysts also noted that Bitcoin usually reaches its market top when a specific ratio, the market value to realized value (MVRV), exceeds 3.2.
The current MVRV value is approximately 2.56, suggesting there's potential for further growth before Bitcoin reaches its peak.
Bitcoin Price Predictions
During the ongoing cycle, these analysts anticipate that Bitcoin could attain a value of at least $120,000.
Although there are several price targets suggesting Bitcoin could achieve a much higher value in this cycle, the analysts believe these predictions are overblown.
They also suggest that investments in crypto assets could diversify beyond Bitcoin, including upcoming Ethereum ETFs and other altcoins.
At the time of reporting, Bitcoin, the world's largest digital asset by market cap, had increased by approximately 0.5% in the last day and was trading for $71,295.
