Bitfinex analysts conducted research showing that the current bull cycle will peak in the fourth quarter of 2024. Their forecast aligns with historical research, which has found that Bitcoin typically reaches a new all-time high (ATH) a few months after a halving event.
Key Metrics Signal Potential for Growth
The Bitfinex report identified some of the most indicators such as the market value to realised value ratio. As of now, the MVRV value at approximately 2.56, which is evidence of high unrealized profit. According to historical data, the market tops when MVRV ratio rises to or above 3.2.
Based on on-chain indicators and historical patterns, Bitfinex analysts forecast Bitcoin could reach a peak of at least $120,000 during this cycle. While many price targets predict a much higher value, Bitfinex analysts believe these estimates are overoptimistic.
In addition to Bitcoin’s expected peak, Bitfinex analysts noted that investment into crypto assets might broaden away from Bitcoin. They pointed out that at the moment Bitcoin is the number one in market capitalization, but there are other tools out there such as ether ETFs which are yet to launch, and also other altcoins that are beginning to get recognition.
From the most recent data, Bitcoin has increased in the last week by about 5% to $70,933.90 at press time.
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