Analysts at crypto exchange Bitfinex have released predictions indicating that the current bitcoin bull market cycle may reach its peak in the fourth quarter of 2024.

According to historical data analyzed by Bitfinex analysts, bitcoin typically achieves its new all-time high (ATH) several months after the halving event. Therefore, they anticipate that the market top could occur around Q4 2024, following this pattern.

The analysts highlighted a specific ratio that historically indicates the market top for bitcoin. When the market value to realized value (MVRV) ratio exceeds 3.2, it suggests that the digital asset may be nearing its peak. Currently, the MVRV ratio stands at around 2.56, indicating significant unrealized profit potential. However, the analysts suggest that there is still room for further growth before bitcoin reaches its peak.

In terms of price projections, Bitfinex analysts forecast that bitcoin could reach at least $120,000 during the current cycle. This prediction is based on on-chain indicators and historical patterns analyzed by the analysts.

While there are many price targets circulating in the market that forecast even higher values for bitcoin during this cycle, Bitfinex analysts caution that these targets may be overestimated. They believe that investment into crypto assets could diversify away from bitcoin and into instruments such as forthcoming ether ETFs and other altcoins as the market evolves.

At the time of writing, the world's largest digital asset by market cap, bitcoin, had increased by around 0.5% in the past day, trading at $71,295, according to The Block's Price Pages. These predictions provide valuable insights for investors navigating the dynamic cryptocurrency market landscape.