The Bitcoin Future Price Trajectory
The anticipation and speculation around the future price trajectory of Bitcoin have been a topic of discussion among analysts and enthusiasts for months. Many have been eagerly awaiting the next surge in value, and one crypto analyst, known as Mags, has shed some light on when this surge might occur.
Crypto Analyst’s Prediction Model Based On Past Halvings
Mags took to social media on X to share a tweet detailing a prediction model based on Bitcoin’s past halving events. According to Mags, historical data shows that Bitcoin has surged between 234 and 216 days after its past two halvings to reach new all-time highs. This information has led Mags to develop a model for predicting the cryptocurrency’s future price milestones.
Mags highlighted that after the 2016 halving, Bitcoin took 234 days to surpass its previous all-time high of $1,242, eventually reaching $19,783. Similarly, after the 2020 halving, Bitcoin broke its all-time high 216 days later, reaching the current peak of $68,789. With the next halving scheduled to occur in approximately 130 days, Mags predicts that if historical trends repeat, we could see another Bitcoin all-time high in December 2024, 364 days from the current date.
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
Despite the forthcoming halving, Bitcoin’s current fundamentals indicate a potential bullish run in the coming months. The introduction of Bitcoin spot ETFs, expected to be approved as early as January 2024, could be a significant game changer. These ETFs could bring an influx of up to $70 billion from institutional investors into the Bitcoin market.
Furthermore, Bitcoin’s profitability is currently at its highest since the 2021 bull market, with 81% of holders now in profit. The cryptocurrency is currently trading at $38,756, marking a 128% increase over the past 12 months. With the first obstacle being the $40,000 price level, the market is eagerly awaiting to see if Bitcoin can break through this level before the end of the year.
In conclusion, the debate around Bitcoin’s future trajectory continues to captivate the crypto community, with various factors pointing towards a potential surge in the coming months. As the next halving approaches and new developments unfold, all eyes are on Bitcoin as the cryptocurrency market eagerly awaits its next move.
