Crypto Analyst Predicts Bitcoin’s Future Trajectory Based on Past Halvings
The future price trajectory of Bitcoin has been a topic of discussion among analysts and enthusiasts, with many expecting the next surge to happen soon. One of these analysts, known as Mags, has shed light on the cryptocurrency’s past history surrounding its halvings, providing a timeline on when to expect the next price milestone.
Mags took to social media to share insights on Bitcoin’s price trajectory based on past halvings. According to the analyst, Bitcoin surged between 234 and 216 days after the past two halvings to reach new all-time highs.
Crypto Analyst’s Prediction Model Based On Past Halvings
Developing different prediction models, crypto analysts have attempted to foresee when Bitcoin may reach new all-time highs based on historical trends. However, Mags has focused on Bitcoin halvings as a basis for their prediction model, especially with the next halving approaching.
Mags pointed out in a tweet that historically, it took Bitcoin 234 days after its 2016 halving to break over its all-time high, which was capped at $1,242 on November 29, 2013. Similarly, Bitcoin broke over the all-time high 216 days after its 2020 halving, maintaining bullish momentum to reach its current all-time high of $68,789.
The next Bitcoin halving is scheduled to occur around April 2024, reducing the mining reward from 6.25 BTC to 3.125 BTC. According to Mags, if history repeats itself, another Bitcoin all-time high could be expected in December 2024, 364 days from now.
What’s Next For Bitcoin? Future Trajectory
Bitcoin’s current fundamentals suggest a bullish run in the coming months. The upcoming Bitcoin halving could contribute to scarcity and drive up the amount of BTC in circulation, potentially leading to a new milestone before the next halving. Additionally, the introduction of Bitcoin spot ETFs could be a game-changer, with applications poised to be approved as early as January 2024, opening the market to as much as $70 billion from institutional investors.
Currently, Bitcoin profitability is at its highest point since the 2021 bull market, with 81% of holders now in profit. The cryptocurrency is trading at $38,756, up by 128% in the past 12 months, with the first hurdle being to break over the anticipated $40,000 price level before the end of the year.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
