Deniz 
Based on analysis by cryptocurrency exchange Bitfinex, the present bitcoin bull market cycle could peak in the fourth quarter of 2024.
“Historical data suggest that bitcoin typically reaches its new all-time high (ATH) several months after the halving event. Therefore, we predict the market top could occur around Q4 2024” Bitfinex analysts claimed in a note sent to The Block.
According to the analysts, bitcoin often reaches its market high when a particular ratio exceeds 3.2; so, there may be opportunity for more development before the digital asset reaches its peak.
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“Key metrics such as the market value to realized value (MVRV) ratio indicate significant unrealized profit, with a current MVRV value of roughly 2.56; historically, bitcoin market tops occur when the MVRV ratio exceeds 3.2,” Bitfinex analysts said.
Bitfinex analysts projected that Bitcoin might hit at least $120,000 during the current cycle. “Based on on-chain indicators and historical patterns, bitcoin is expected to reach a peak of at least $120,000 during this cycle.”
They further clarified that although there are some price goals that project bitcoin’s value during this cycle might be substantially higher, they feel these estimates are overstated. Bitfinex analysts said, “Investment into crypto assets could start to happen, broadening away from bitcoin and into instruments such as the forthcoming ether ETFs and other altcoins.”
The biggest digital asset in the world by market capitalization grew yesterday by about 0.5%.