Analysts at cryptocurrency exchange Bitfinex have predicted that the current Bitcoin bull market cycle could peak in the fourth quarter of 2024.
“Historical data shows that Bitcoin typically reaches its all-time high (ATH) a few months after a halving. Therefore, we predict that the market high could occur around the fourth quarter of 2024,” Bitfinex analysts wrote in a note to The Block. claimed.
Analysts have noted that Bitcoin has historically reached market highs when a certain ratio exceeds 3.2. This suggests there may be room for further growth before digital assets reach their peak.
“Key indicators such as the MVRV (realized value) ratio indicate significant unrealized gains. The current MVRV value is around 2.56. Historically, Bitcoin market highs occur when the MVRV ratio exceeds 3.2,” Bitfinex said. the analyst added.
Bitfinex analysts have predicted the following for the current cycle: Bitcoin BTC
-2.50%
They also explained that while there are a number of price targets predicting that Bitcoin could reach much higher values during this cycle, they believe these targets are overvalued. “Investments in crypto assets may begin to expand away from Bitcoin and into products such as the upcoming Ether ETF and other altcoins,” Bitfinex analysts added.
The world’s largest digital asset by market capitalization was up about 0.5% over the past day and was changing hands at $71,295 at 7:28 a.m. According to E.T. Block’s pricing page.
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