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Bitcoin‘s short-term fluctuations aside, most investors focus on long-term goals. Significant gains are achieved by investors who stick to long-term goals. Recent Bitfinex analyst reports also mention targeted levels by the end of 2024. So, what are the analysts’ current year-end predictions?
Expert Analyst Comments
Crypto exchange Bitfinex analysts point to the end of 2024 for the market cycle peak. This indicates an earlier peak than their general predictions for the first and second quarters of 2025. Historical data suggests that the peak will be reached in the early months of 2025 or by that time.
“Historical data shows that Bitcoin typically reaches a new all-time high (ATH) a few months after the halving event. Therefore, we estimate that the market peak could occur around the 4th quarter of 2024.”
Analysts, who mention more growth potential in the crypto markets, also wrote:
“Fundamental metrics like the market value to realized value (MVRV) ratio indicate significant unrealized profits with the current MVRV value at approximately 2.56. Historically, Bitcoin market peaks occur when the MVRV ratio exceeds 3.2.”
2024 Bitcoin Target
So, do analysts have a price prediction for the peak expected in the last 3 months of the year? Of course, they do. Many analysts agree on a six-figure price peak, and Bitfinex experts are no different. In fact, their predictions are more modest compared to others. The minimum peak target they provide is $120,000.
“Based on on-chain indicators and historical models, Bitcoin is expected to reach at least a $120,000 peak during this cycle.
Investment in crypto assets may start shifting away from Bitcoin towards upcoming Ether ETFs and other altcoins.”
Bitcoin price was at $69,170 when this article was prepared. The price, which reached up to the $72,000 threshold, turned downward following the upcoming Fed meeting and today’s negative data. This situation led to larger losses in altcoins.
