**Crypto Analyst Predicts Bitcoin to Reach New All-Time High**
The highly anticipated future price trajectory of Bitcoin has been the subject of speculation for many months, with numerous analysts expecting the next surge to occur soon. One crypto analyst, known as Mags, has presented a prediction model based on historical data surrounding Bitcoin halvings, suggesting a potential timeline for the cryptocurrency’s next price milestone.
**Predicting Based on Past Halvings**
Mags took to social media to share insights about Bitcoin’s price movements after its previous two halvings. According to the analyst, historical data shows that Bitcoin surged between 234 and 216 days following the 2016 and 2020 halvings to reach new all-time highs, indicating a pattern that could potentially be repeated in the future.
**The Next Halving Approaches**
With the next Bitcoin halving fast approaching, Mags has chosen to base the prediction model on this significant event, which is scheduled to take place around April 2024. The halving is designed to decrease the amount of BTC rewards miners receive for each block mined on the Bitcoin blockchain, with the mining reward set to be reduced from 6.25 BTC to 3.125 BTC. Mags suggests that based on historical trends, there could be another Bitcoin all-time high approximately 130 days plus 234 days after the next halving, potentially placing the next milestone in December 2024.
**Future Trajectory for Bitcoin**
In addition to the prediction model based on past halvings, Bitcoin’s current fundamentals also point to a bullish run in the coming months. The introduction of Bitcoin spot ETFs into the market is expected to be a game-changer, with potential approval as early as January 2024. This could open up the Bitcoin market to as much as $70 billion from institutional investors. Furthermore, Bitcoin profitability is currently at its highest point since the 2021 bull market, with 81% of holders now in profit. The cryptocurrency is trading at $38,756, reflecting a 128% increase in the past 12 months. The next key milestone would be to break over the anticipated $40,000 price level before the end of the year.
As the crypto community eagerly awaits the next move for Bitcoin, analysts and investors will continue to closely monitor the cryptocurrency’s price movements, especially in anticipation of potential new all-time highs based on historical halving trends and current market fundamentals.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
