According to a report by The Block, analysts at the cryptocurrency exchange Bitfinex predict that the current Bitcoin bull market cycle may peak in the fourth quarter of 2024. The analysts explain in a statement that historically, Bitcoin has reached market peaks 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.
Bitfinex analysts forecast, based on on-chain indicators and historical patterns, that Bitcoin could reach at least $120,000 in this current cycle. While there are many price targets predicting higher values for Bitcoin in this cycle, they believe these targets are overestimated.
Lastly, Bitfinex analysts add that investors may begin to invest more widely in crypto assets, not limited to Bitcoin, including upcoming Ethereum ETFs and various altcoins.