According to The Block, analysts at the cryptocurrency exchange Bitfinex predict that the current Bitcoin bull market cycle may reach its peak in the fourth quarter of 2024. The analysts explained in a statement that historically, Bitcoin has peaked when the market value to realized value (MVRV) ratio exceeds 3.2, while the current MVRV value is around 2.56, indicating potential further growth before digital assets reach their peak.
Based on on-chain indicators and historical patterns, Bitfinex analysts predict that Bitcoin could reach at least $120,000 within the current cycle. Although there are many price target predictions suggesting Bitcoin could reach higher values in this cycle, they believe these targets are overestimated.
Lastly, Bitfinex analysts added that investors may start to diversify their investments in cryptocurrencies more widely, not only limited to Bitcoin, but also including upcoming Ethereum ETFs and various altcoins.
