Bitfinex Predicts Bitcoin’s Bull Run Peak by Late 2024

During the current bull market, the price of the leading cryptocurrency is expected to reach its peak at some point in the fourth quarter of 2024. This conclusion was drawn by Bitfinex, reports The Block.

“Past data indicates that Bitcoin typically reaches a new ATH several months after the halving,” explained the experts.

Experts noted the potential for further growth remains.

“MVRV points to significant unrealized profit. The current value of the metric is around 2.56. Historically, Bitcoin market peaks occur when the indicator exceeds 3.2,” the analysts added.

According to Bitfinex’s estimates, the leading cryptocurrency could reach a level of at least $120,000. Their forecast is based on on-chain metrics and patterns.

Higher estimates were deemed “exaggerated.” Experts noted the potential for increased interest in ETH-ETF and other altcoins.

In April, technical analyst and head of Factor LLC Peter Brandt estimated a 25% probability of the digital gold’s price peaking within the current upward trend. He referred to the concept of “exponential decay” at that time.

Later, the specialist predicted that by the fourth quarter of 2025, Bitcoin could rise to $130,000–150,000. This would occur if the price follows the trajectory of previous bull markets after the halving.

Former BitMEX CEO Arthur Hayes has urged buying the leading cryptocurrency due to the onset of a rate-cutting cycle.