Bitfinex analysts have predicted BTC to rise to $120 000 in the current cycle

They relied on historical data on the behavior of the asset’s price in the months following the reduction of the reward for block mining

07.06.2024 - 15:00

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The material is not an investment recommendation and is published for informational purposes only.

What’s new? Analysts at the crypto exchange Bitfinex predict that the current bitcoin bull market cycle could peak in the fourth quarter of 2024. Citing historical data, they noted that BTC is updating an all-time high a few months after the halving. The fourth halving of the Bitcoin network took place on April 20. The event, which occurs every four years, cut the reward for mining blocks in half: to 3125 coins.

Material by The Block

What else is known? According to experts, the asset reaches its peak value when the market value to realized value (MVRV) ratio exceeds the 3,2 mark.

Currently, the ratio is at 2,56, indicating a significant unrealized profit.

Bitfinex also added that the first cryptocurrency could rise to at least $120 000 during the current cycle. The analysts explained that a number of indicators could point to higher potential marks as well, but they believe these targets are overstated.

“Investment into crypto assets could begin to happen, broadening away from bitcoin and into instruments such as the forthcoming ether ETFs and other altcoins,” the report concludes.

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