TechFlow news, Bitfinex analysts predict the current Bitcoin bull cycle could peak in the fourth quarter of 2024.
They noted that historical data shows Bitcoin typically reaches new all-time highs several months after a halving event.
They also mentioned that the Market Value to Realized Value (MVRV) ratio indicates significant unrealized profits, with the current MVRV value at approximately 2.56. Historically, Bitcoin market peaks have tended to occur when the MVRV ratio exceeds 3.2.
Bitfinex analysts forecast that Bitcoin could reach at least $120,000 in this cycle. They further explained that while many price targets suggest Bitcoin could achieve higher values during this cycle, they believe those projections are overestimated.
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