Bitfinex analysts predict Bitcoin’s bull market top could occur around Q4 2024
Quick Take
- A Bitfinex report pointed to market indicators that show when bitcoin could begin closing in on a market top.
Analysts at crypto exchange Bitfinex have predicted that the current bitcoin bull market cycle may 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.
The analysts stated that bitcoin historically reaches its market top when a specific ratio goes above 3.2 — suggesting that there might be room for further growth before the digital asset hits a peak.
"Key metrics such as the market value to realized value (MVRV) ratio indicate significant unrealized profit, with a current MVRV value of around 2.56, historically, bitcoin market tops occur when the MVRV ratio exceeds 3.2," Bitfinex analysts added.
Bitfinex analysts forecasted that during the current cycle, Bitcoin could reach at least $120,000. "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 explained that while there are many price targets that forecast bitcoin could reach a much higher value during this cycle, they believe these targets are overestimated. "Investment into crypto assets could begin to happen, broadening away from bitcoin and into instruments such as the forthcoming ether ETFs and other altcoins," Bitfinex analysts added.
The world's largest digital asset by market cap increased by around 0.5% in the past day and was changing hands for $71,295 at 7:28 a.m. ET., according to The Block's Price Pages.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
