Investors after the halving in April BitcoinWhile the focus has turned to the strong bull rally in , there are many predictions regarding the peak price and date.
The latest prediction came from Bitfinex analysts.
Analysts speaking to The Block Bitcoin predicts that the current bull market cycle could peak in the fourth quarter of 2024.
Analysts who refer to historical data in their predictions, BTC He also touched upon the MVRV ratio, which is frequently used to predict the 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 usually 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 stated that Bitcoin could rise to at least $120,000 during the current bull cycle. “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 are moving away from Bitcoin, which will soon be available for trading. Ethereum ETFs and other to altcoins can direct correctly.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!