Cryptocurrency Analyst Predicts Bitcoin’s Future Price Trajectory Based on Halvings
Crypto analyst Mags has sparked a buzz on social media, predicting Bitcoin’s future price trajectory based on historical trends around its halvings. This prediction has sparked a debate among cryptocurrency enthusiasts, as many are eager to see if history will repeat itself.
Crypto Analyst’s Prediction Model Based On Past Halvings
Mags’ analysis is based on Bitcoin’s past performance around its halving events. According to Mags, Bitcoin surged between 234 and 216 days after the past two halvings to reach new all-time highs. This prediction model is gaining attention as the next halving is fast approaching.
Historical Trends Around Bitcoin Halvings
Mags pointed out 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. The cryptocurrency then maintained a bullish momentum, reaching its all-time high of $19,783 in the next three years. Similarly, Bitcoin broke over its all-time high at this point 216 days after its 2020 halving and continued its bullish run into 2021, reaching its current all-time high of $68,789.
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. This prediction has sparked curiosity and anticipation among cryptocurrency investors.
What’s Next For Bitcoin? Future Trajectory
With the next Bitcoin halving scheduled to occur around April 2024, reducing the mining reward from 6.25 BTC to 3.125 BTC, the future trajectory of Bitcoin remains uncertain. However, Bitcoin’s current fundamentals point to a potential bullish run in the coming months. In addition, the approval of Bitcoin spot ETFs as early as January 2024 could open the market to as much as $70 billion from institutional investors.
Bitcoin’s profitability is currently at its highest point since the bull market in 2021, with 81% of holders now in profit. The cryptocurrency is currently trading at $38,756, up by 128% in the past 12 months. The next hurdle for Bitcoin would be to break over the anticipated $40,000 price level before the end of the year.
Overall, the anticipation is high as cryptocurrency enthusiasts wait to see if Mags’ prediction model based on past halvings holds true for the next surge in Bitcoin’s price. As the cryptocurrency market continues to evolve, the future trajectory of Bitcoin remains uncertain, with various factors contributing to its potential price milestones in the coming months.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
