Started by Bitcoin, Dec 03, 2023, 10:08 am
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The Bitcoin future price trajectory has been the talk for many months, as many analysts expect the next surge anytime soon. According to crypto analyst Mags, the cryptocurrency's past history around its halvings gives a timeline on when to expect the next Bitcoin price milestone.
Mags made this known in a social media post on X, detailing how Bitcoin surged between 234 and 216 days after the past two halvings to reach new all-time highs.
Crypto analysts have developed different models in the past year to predict when Bitcoin may reach new all-time highs based on historical trends. However, crypto analyst Mags has gone in the way of Bitcoin halvings, with the next halving fast approaching.
Mag's tweet pointed out that, historically, it took Bitcoin 234 days after its 2016 halving to break over its all-time high. Then, Bitcoin's highest price was capped at $1,242 on November 29, 2013. The crypto would then maintain this spectacular bull run to reach $19,783, which would be its all-time high for the next three years.
In a similar manner, BitcoinBTCwould then break over the all-time high at this point 216 days after its 2020 halving. The crypto would maintain the bullish momentum throughout the year and into 2021 to reach its current all-time high of $68,789.
Bitcoin halvings happen around every four years to reduce the amount of BTC rewards miners get for every block mined on the Bitcoin blockchain. The next schedule is slated to occur 130 days from now and sometime around April 2024, reducing the mining reward from 6.25 BTC to 3.125 BTC.
According to Mags, if history repeats itself, we could see another Bitcoin all-time high in 130 days plus 234 days, putting the next timeline in December 2024, 364 days from now.
When #Bitcoin New ATH ?In previous two cycles $BTC took 234 – 216 days to break above its previous ATHWith the Bitcoin Halving just 130 days away, adding 234 days post-halving brings us to a total of 364 daysIf history repeats, we could see a new ATH in around 364 days... pic.twitter.com/HIjrwiJPmx-- Mags (@thescalpingpro) December 1, 2023
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
Bitcoin's current fundamentals point to a bullish run in the next few months. Although the next Bitcoin halving could contribute to scarcity and drive up the amount of BTC in circulation, we could well see BTC’s price reach a new milestone even before the next halving.
Now we have Bitcoin spot ETFs in the game which could be a game changer in the coming months. These applications are poised to be approved as early as January 2024, which would open the Bitcoin market to as much as $70 billion from institutional investors.
Bitcoin profitability is now at its highest point since the bull market in 2021, with 81% of holders now in profit. The cryptocurrency is now trading at $38,756, up by 128% in the past 12 months. The first hurdle would be to break over the anticipated $40,000 price level before the end of the year.
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