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Bitfinex analysts predict a Bitcoin bull market could occur around the fourth quarter of 2024

Analysts at the Bitfinex exchange have predicted that the current Bitcoin bull market cycle could peak in the fourth quarter of 2024.

“Historical data shows that Bitcoin typically reaches a new all-time high (ATH) a few months after the halving event. Therefore, we predict a possible market peak around Q4 2024,” Bitfinex analysts stated in a note.

Analysts claim Bitcoin has historically reached a market peak when a specific ratio metric surpassed 3.2 – suggesting there may be room for further growth before the digital asset tops its capital. peaked.

“Key metrics such as the market value to real value (MVRV) ratio show significant unrealized profits, with a current MVRV value of around 2.56. Historically, the Bitcoin market peak occurred when the MVRV ratio exceeded 3.2”.

Bitfinex analysts forecast that in the current cycle, Bitcoin could reach at least $120,000.

“Based on on-chain indicators and historical patterns, Bitcoin is expected to peak at at least $120,000 this cycle.”

While there are many price targets that predict Bitcoin reaching a much higher value this cycle, analysts believe those targets are overestimated.

“Cryptocurrency investments may start to happen, expanding beyond Bitcoin and into instruments like the upcoming Ethereum ETF or other altcoins.”

The world’s largest digital asset by market capitalization has fallen about 2.5% over the past day and is currently trading at $69,295.

Bitcoin 4-hour price chart | Source: Tradingview

Prepare for the impact of policy moves by the ECB and US Fed

According to Bitfinex analysts, Friday’s NFP data is an important event in shaping market sentiment and determining the short-term trajectory of Bitcoin and other cryptocurrencies.

Macroeconomic drivers, including the ECB’s interest rate cuts and the possibility of increased liquidity, add complexity to the equation, causing market participants to closely monitor these developments. and their potential impact on the cryptocurrency market.

Analysts have shared their views on how NFP data and the recent interest rate cuts by the European Central Bank (ECB) could affect the cryptocurrency market.

According to the exchange, if the NFP report meets or misses expectations, it could confirm concerns about a recession, causing greater market volatility.

Bitfinex analysts said that the positive reaction from the stock market was driven by expectations of continued monetary easing, which could spread to the cryptocurrency market. This could potentially help Bitcoin secure a weekly close above the psychological resistance of $70,000.

In addition to NFP data, Bitfinex analysts believe that the ECB’s recent decision to implement its first interest rate cut in five years, lowering interest rates to 3.75%, could also impact the market electronic money.

This move is aimed at stimulating economic growth amid signs of recession in the European region. According to analysts, interest rate cuts could weaken the euro, leading to higher demand for alternative risky assets such as Bitcoin.

You can see the coin prices here.

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According to Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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