bitcoin-peak-could-less-than-six-months/” rel=”nofollow”>The Future Trajectory of bitcoin Price has been the topic of conversation for many months, as many analysts expect the next surge to occur soon. According to crypto analyst Mags, the cryptocurrency's past history around its halvings offers a timeline for when to expect the next one. bitcoin price milestone.
Mags made this known in a social media post about X, detailing how bitcoin rose between 234 and 216 days after the last two halvings to reach new all-time highs.
crypto Analyst prediction model based on past halvings
Cryptanalysts have bitcoin-sentiment-verge-extreme-greed-what-it-means/” rel=”nofollow”>developed different models over the past year to predict when bitcoin could hit new all-time highs based on historical trends. However, crypto analyst Mags has opposed the bitcoin halving, and the next halving is fast approaching.
Mag's tweet noted that, historically, it took bitcoin 234 days after its halving in 2016 to surpass its all-time high. bitcoin's highest price was then capped at $1,242 on November 29, 2013. The cryptocurrency would maintain this spectacular bull run until reaching $19,783, which would be its all-time high for the next three years.
Similarly, BitcoinBTC would surpass the all-time high at this point, 216 days after its halving in 2020. The cryptocurrency would maintain bullish momentum throughout the year and into 2021 to reach its current all-time high of $68,789.
bitcoin halvings occur every four years to reduce the amount of btc rewards miners earn for each block mined on the bitcoin blockchain. The next schedule is scheduled for 130 days from now and sometime around April 2024, which will reduce 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, which puts the next timeline at December 2024, 364 days away.
When bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin New ATH?
In the two previous cycles $btc it took between 234 and 216 days to surpass its previous ATH
With the bitcoin halving just 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
– Magazines (@thescalpingpro) December 1, 2023
What's next for bitcoin? Future trajectory
bitcoin's current fundamentals point to a bull run in the coming months. Although the upcoming bitcoin halving could contribute to the shortage and increase the amount of btc in circulation, we could well see the price of btc reach a new milestone even before the next halving.
We now have bitcoin spot ETFs in play, which could be a game-changer in the coming months. These requests are ready to be approved. bitcoin-etf-approval-sec-january-2-10/” rel=”nofollow”>already in January 2024that would open bitcoin market 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 profits. The cryptocurrency is now trading at $38,756, up 128% over the past 12 months. The first hurdle would be surpassing the expected price level of $40,000 before the end of the year.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Hashdex-Submits-Revised-Bitcoin-Spot-ETF-Filing-to-SEC-Here39s" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1530″ loading=”lazy”/>
btc price recovers above $38,800 | Source: BTCUSD on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
