Analysts at crypto exchange Bitfinex have predicted that the current bitcoin bull market cycle may peak in the fourth quarter of 2024.

"Historical data suggest that bitcoin typically reaches its new all-time high (ATH) several months after the halving event. Therefore, we predict the market top could occur around Q4 2024," Bitfinex analysts claimed in a note sent to The Block.

The analysts stated that bitcoin historically reaches its market top when a specific ratio goes above 3.2 — suggesting that there might be room for further growth before the digital asset hits a peak.

"Key metrics such as the market value to realized value (MVRV) ratio indicate significant unrealized profit, with a current MVRV value of around 2.56, historically, bitcoin market tops occur when the MVRV ratio …