75

The trajectory of Bitcoin’s future price has been a topic of widespread discussion, with many analysts anticipating the next surge. A crypto analyst named Mags has highlighted Bitcoin’s historical patterns surrounding its halving events, providing insights into when the next significant price milestone might occur.

Mags shared this information via a social media post on X, revealing that Bitcoin historically surged between 234 and 216 days following the last two halving events to achieve new all-time highs.

Various crypto analysts have devised models over the past year to predict when Bitcoin might reach new highs based on historical data. However, Mags has focused on Bitcoin halvings, with the next halving approaching rapidly.

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

As per Mags’ tweet, after the 2016 halving, it took Bitcoin 234 days to surpass its all-time high of $1,242 set on November 29, 2013. Subsequently, Bitcoin embarked on a bullish run, reaching $19,783, its all-time high for the next three years.

Likewise, following the 2020 halving, BitcoinBTC broke its all-time high after 216 days. Sustaining its bullish momentum, it climbed to the current peak of $68,789.

Bitcoin halvings occur roughly every four years to reduce BTC rewards for miners. The upcoming one is expected around April 2024, cutting mining rewards from 6.25 BTC to 3.125 BTC.

Drawing from historical patterns, Mags suggests the possibility of another all-time high in about 130 days plus 234 days, potentially occurring by December 2024, roughly 364 days from now.

Regarding Bitcoin’s future trajectory, current indicators hint at a bullish trend in the coming months. The pending approval of Bitcoin spot ETFs, potentially as early as January 2024, could significantly impact the market, attracting up to $70 billion from institutional investors.

Bitcoin’s profitability is currently at its highest point since the 2021 bull market, with 81% of holders in profit. Trading at $38,756, it has surged by 128% in the past year. Breaking the anticipated $40,000 price level by year-end stands as the initial challenge.