Bitfinex Analyst Bitcoin Target Price of 120000 But Peak Likely to Hit This Time of Year

Bitfinex Analyst Bitcoin Target Price of 120000 But Peak Likely to Hit This Time of Year

Bitfinex Analyst Bitcoin Target Price of 120000 But Peak Likely to Hit This Time of Year

According to The Block, analysts at the cryptocurrency exchange Bitfinex predict that the current Bitcoin bull market cycle may peak in the fourth quarter of 2024. The analysts explained in a statement that historically, Bitcoin has reached market tops when the market value-to-realized value (MVRV) ratio exceeds 3.2, while the current MVRV value is around 2.56, indicating potential further growth before digital assets hit their peak.

Based on on-chain indicators and historical patterns, Bitfinex analysts predict that Bitcoin could reach at least $120,000 within the current cycle, although many price targets suggest that Bitcoin could reach higher values in this cycle, they believe these targets are overestimated.

Finally, Bitfinex analysts added that investors may begin to diversify their investments in cryptocurrencies more widely, not limited to Bitcoin, but also including upcoming Ethereum ETFs and various altcoins.