Cryptocurrency exchange Bitfinex indicated in a report yesterday that the peak of this bull market may occur around the fourth quarter of this year, when Bitcoin is expected to reach at least $120,000.
Bitfinex: Peak of this bull market in Q4 this year
Bitcoin set to reach $120,000
What other potential positives are there?
As this bull market has progressed, with positive news such as the listing of Bitcoin spot ETFs and the completion of the fourth halving, Bitcoin broke through multiple price barriers in mid-March, reaching a historical high of $73,000.
Although in April, with investors taking profits and US inflation rebounding, BTC briefly fell below $60,000, this week Bitcoin once again surpassed the $70,000 mark. Optimistic investors and institutions are eagerly anticipating the return of a raging bull market.
Bitfinex: Peak of this bull market in Q4 this year
However, investors are also assessing what stage of the bull market we are currently in.
Just yesterday, cryptocurrency exchange Bitfinex pointed out in an analytical report that its analysts predict that Bitcoin is very likely to reach the peak of this bull market in the fourth quarter of this year:
Bitcoin set to reach $120,000
Furthermore, Bitfinex analysts also predict that in this bull market, Bitcoin will reach at least $120,000:
What other potential positives are there?
In this cycle, in addition to Bitcoin, Ethereum spot ETFs, and Bitcoin halving, the market currently believes that the loosening monetary policy (rate cuts) that the Federal Reserve (Fed) may initiate this year, as well as the US election in November, will further boost the rise in the cryptocurrency market.
The market generally believes that the Fed may cut rates at least once this year. If there are two rate cuts, the earliest could be in September, when more funds will flow into the investment market after the Fed eases its policies.
Furthermore, former US President Trump is competing with Biden for the next US presidency. Trump has publicly stated multiple times that he supports cryptocurrencies and accepts cryptocurrency campaign donations. This leads investors to believe that if Trump is elected as the US president, it could change the strict regulatory attitude towards cryptocurrencies in the US, potentially creating a more lenient policy environment to boost the rise of cryptocurrencies.
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