Crypto Expert Forecasts the Date When Bitcoin Will Achieve a New All-Time High
The Bitcoin Future: Analyst Predicts Price Trajectory Based on Past Halvings
For months, the future price trajectory of Bitcoin has been a topic of intense speculation. Many analysts are expecting the next surge to happen soon. One crypto analyst, known as Mags, has recently offered a prediction based on the cryptocurrency’s past history around its halvings.
Crypto Analyst’s Prediction Model Based On Past Halvings
Mags took to social media to share insights on Bitcoin’s past performance after halvings. According to the analyst, Bitcoin surged between 234 and 216 days after the last two halvings to reach new all-time highs.
Bitcoin halvings, which occur approximately every four years, are events that reduce the amount of BTC rewards miners receive for each block mined on the Bitcoin blockchain. With the next halving scheduled to occur in about 130 days, Mags has used historical data to make a prediction about the potential timeline for the next price milestone.
Mags pointed out that after the 2016 halving, it took Bitcoin 234 days to surpass its all-time high. The cryptocurrency then went on a bullish run, eventually reaching an all-time high of $19,783 three years later. Similarly, after the 2020 halving, Bitcoin broke its previous all-time high 216 days later, reaching its current peak of $68,789.
Based on this historical pattern, Mags suggests that if history repeats itself, we could see another Bitcoin all-time high in 364 days, around December 2024.
When #Bitcoin New ATH ?🤔
In previous two cycles $BTC took 234 – 216 days to break above its previous ATH
With the Bitcoin Halving just 130 days away, adding 234 days post-halving brings us to a total of 364 days
If history repeats, we could see a new ATH in around 364 days… pic.twitter.com/HIjrwiJPmx
— Mags (@thescalpingpro) December 1, 2023
What’s Next For Bitcoin? Future Trajectory
Looking ahead, Bitcoin’s current fundamentals signal a bullish trend in the coming months. In addition to the potential impact of the next halving, the emergence of Bitcoin spot ETFs is expected to play a significant role. These applications could be approved as early as January 2024, opening the Bitcoin market to as much as $70 billion from institutional investors.
Furthermore, Bitcoin profitability is currently at its highest point since the bull market in 2021, with 81% of holders now in profit. The cryptocurrency is trading at $38,756, showing a 128% increase in the past 12 months. The next hurdle for Bitcoin would be to break through the anticipated $40,000 price level before the end of the year.
With these factors in play, the future trajectory of Bitcoin is one that many are closely monitoring, as the cryptocurrency continues to capture the attention of investors and analysts alike.
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