Bitcoin’s future price trajectory has been the topic of conversation for months, as many analysts expect another increase soon. According to crypto analyst Mags, the cryptocurrency’s history surrounding the halvings provides a timeline as to when the next one can be expected. Bitcoin price milestone.
Mags made this known in a social media post on
Crypto analysts’ prediction model based on previous halvings
Crypto analysts have done that developed various models over the past year to predict when Bitcoin could reach new all-time highs based on historical trends. However, crypto analyst Mags has weighed in on Bitcoin’s halving as the next halving quickly approaches.
Mag’s tweet pointed out that historically, it took Bitcoin 234 days after the 2016 halving to break its all-time high. Subsequently, Bitcoin’s highest price was capped at $1,242 on November 29, 2013. The crypto would then continue this spectacular bull run to reach $19,783, which would be an all-time high for the next three years.
Similarly, BitcoinBTC would break its all-time high at this point 216 days after the halving in 2020. The crypto would maintain bullish momentum throughout the year and into 2021 to reach its current all-time high of $68,789.
Bitcoin halvings occur approximately every four years to reduce the amount of BTC rewards miners receive for each block mined on the Bitcoin blockchain. The next schedule is scheduled for 130 days from now and sometime around April 2024, with the mining reward reduced from 6.25 BTC to 3.125 BTC.
According to Mags, if history repeats itself, we could see another all-time Bitcoin high within 130 days plus 234 days, with the next timeline being December 2024, 364 days from now.
When #Bitcoin New ATH?🤔
In the previous two cycles $BTC it took 234 – 216 days to get above his previous ATH
With the Bitcoin halving only 130 days away, adding 234 days after the halving brings us to a total of 364 days
If history repeats itself, we could see a new ATH in about 364 days… pic.twitter.com/HIjrwiJPmx
— Mags (@thescalpingpro) December 1, 2023
What’s next for Bitcoin? Future trajectory
Bitcoin’s current fundamentals point to a bullish run in the coming months. While Bitcoin’s next halving could add to its scarcity and increase the amount of BTC in circulation, we could see BTC’s price reach a new milestone before the next halving.
Now we have Bitcoin spot ETFs in play, which could be a game changer in the coming months. These applications are ready to be approved as early as January 2024which would open Bitcoin market of up to 70 billion dollars of institutional investors.
Bitcoin profitability is now at its highest point since the 2021 bull market. with 81% of holders now making a profit. The cryptocurrency is now trading at $38,756, up 128% in the past 12 months. The first hurdle would be to break the expected $40,000 price level before the end of the year.
BTC price recovers above $38,800 | Source: BTCUSD on Tradingview.com
Featured image of CoinGape, chart from Tradingview.com