While investors turned their focus to the strong bull rally in Bitcoin after the halving in April, there are many predictions regarding the peak price and date.
The latest prediction came from Bitfinex analysts.
Analysts speaking to The Block predict that Bitcoin's current bull market cycle could peak in the fourth quarter of 2024.
Referring to historical data in these predictions, analysts also mentioned the MVRV rate, which is frequently used to predict the BTC price.
Stating that market peaks occur when the MVRV ratio exceeds 3.2, analysts said the following about the Bitcoin peak:
“Historical data shows that Bitcoin typically reaches its all-time high (ATH) a few months after the halving event.
Therefore, we estimate that the market peak could occur in Q4 2024.
When we look at the MVRV rate, we see that the current MVRV value is around 2.56. Accordingly, historically, Bitcoin market peaks occur when the MVRV ratio exceeds 3.2.”
Other Bitcoin Predictions Are Exaggerated!
Analysts also noted that Bitcoin could rise to at least $120,000 during the current bull cycle, stating, “Based on on-chain indicators and historical patterns, Bitcoin is expected to reach a peak of at least $120,000 during this cycle.” said.
Bitfinex analysts recently said that although there are many price targets predicting that Bitcoin could reach a much higher value during this cycle, these predictions are overestimated.
According to analysts, investors may move away from Bitcoin and towards Ethereum ETFs and other altcoins that will soon be available for trading.
*This is not investment advice.