Bitfinex analysts have made a bold prediction regarding the peak of Bitcoin’s current bull market cycle. According to their analysis, the peak could potentially be seen in the fourth quarter of 2024.
Following the halving in April, investors have been closely monitoring Bitcoin’s strong bull rally, speculating on when the peak price and date might occur. Bitfinex analysts have weighed in on this discussion, drawing on historical data and the MVRV rate as key indicators.
Historically, Bitcoin tends to reach its all-time high a few months following a halving event. Based on this pattern, analysts estimate that the market peak for Bitcoin could be in Q4 2024. They highlight that market peaks typically coincide with the MVRV ratio exceeding 3.2, with the current MVRV value standing at around 2.56.
While some predictions suggest that Bitcoin could surge to as high as $120,000 during this cycle, Bitfinex analysts caution that these projections may be exaggerated. They anticipate that investors might diversify their portfolios towards Ethereum ETFs and other upcoming altcoins for trading opportunities.
It’s important to note that these insights are not investment advice. For those interested in exploring a wide range of cryptocurrencies, registering with Binance exchange can provide a 20% commission discount. Stay updated on the latest news, analysis, and on-chain data by following our Telegram and Twitter accounts.
