The future trajectory of Bitcoin price has been the topic of conversation for many months, as many analysts expect the next surge in the near term.
According to crypto analyst Mags, the cryptocurrency’s past history surrounding its halvings offers a timeline for when to expect the next 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
Crypto analysts have developed different models over the last year to predict when Bitcoin may reach 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 halving 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, there could be another Bitcoin all-time high in 130 days plus 234 days, which puts the next timeline at December 2024, 364 days away.
Bitcoin Surpasses $39,000 as 2023 Rally Continues
Bitcoin price action was heating up on a Saturday afternoon, breaking local highs and settling above $39,000. The move represents another 2023 high, and has triggered several technical signals. More importantly, with BTCUSD now within striking distance of $40,000, things are starting to get a lot more interesting for the cryptocurrency market.
A major factor helping to generate further momentum in Bitcoin is the joint participation of Ethereum, which has lagged until recently. With additional market breadth, BTCUSD rose along with several altcoins. Above $40,000, Bitcoin could find its way back around $50,000 or possibly even all-time highs before the end of the month.
What’s Next for Bitcoin? Future Path
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, the BTC price could reach a new milestone even before the next halving.
Bitcoin spot ETFs are into play, which could be a game-changer in the coming months. These applications are scheduled to be approved in January 2024, which would open the Bitcoin market to up to $70 billion from 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.
By Leonardo Perez
