untitled design

Bitfinex: Bitcoin price will rise to $120,000

During the current bull market, the price of the first cryptocurrency will form a top at some point in the fourth quarter of 2024. Bitfinex came to this conclusion, writes The Block.

“Past data suggests that Bitcoin typically reaches a new ATH a few months after the halving,” the specialists explained.

Experts noted the continued potential for further growth.

“MVRV indicates significant unrealized gains. The current metric value is about 2.56. Historically, Bitcoin market tops occur when the ratio exceeds 3.2,” the analysts added.

According to Bitfinex estimates, the first cryptocurrency is capable of reaching a level of at least $120,000. They based their forecast on on-chain metrics and patterns.

They called the higher estimates “inflated.” Experts noted the prospect of expanding interest in ETH-ETF and other altcoins.

In April, technical analyst and head of Factor LLC Peter Brandt estimated a 25% chance of the digital gold rate reaching a peak as part of the current uptrend. He then referred to the concept of “exponential decay.”

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

Source: Cryptocurrency

You may also like

How to make money on memcoins
Top News

How to make money on memcoins

The viral nature and attractive opportunity of easy money is what sets memcoins apart from other cryptocurrencies. These two factors

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular