The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH

Scott Matherson

1 year ago

3 mins read

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The Bitcoin future price trajectory has been the talk for many months, as many analysts expect the next surge anytime soon. According to crypto analyst Mags, the cryptocurrency’s past history around its halvings gives a timeline on when to expect the next Bitcoin price milestone.

Mags made this known in a social media post on X, detailing how Bitcoin surged between 234 and 216 days after the past two halvings to reach new all-time highs.

Crypto Analyst’s Prediction Model Based On Past Halvings

Crypto analysts have developed different models in the past year to predict when Bitcoin may reach new all-time highs based on historical trends. However, crypto analyst Mags has gone in the way of Bitcoin halvings, with the next halving fast approaching.

Mag’s tweet pointed out that, historically, it took Bitcoin 234 days after its 2016 halving to break over its all-time high. Then, Bitcoin’s highest price was capped at $1,242 on November 29, 2013. The crypto would then maintain this spectacular bull run to reach $19,783, which would be its all-time high for the next three years.

In a similar manner, BitcoinBTCwould then break over the all-time high at this point 216 days after its 2020 halving. The crypto would maintain the bullish momentum throughout the year and into 2021 to reach its current all-time high of $68,789.

Bitcoin halvings happen around every four years to reduce the amount of BTC rewards miners get for every block mined on the Bitcoin blockchain. The next schedule is slated to occur 130 days from now and sometime around April 2024, reducing the mining reward from 6.25 BTC to 3.125 BTC.

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.

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

Bitcoin’s current fundamentals point to a bullish run in the next few months. Although the next Bitcoin halving could contribute to scarcity and drive up the amount of BTC in circulation, we could well see BTC’s price reach a new milestone even before the next halving.

Now we have Bitcoin spot ETFs in the game which could be a game changer in the coming months. These applications are poised to be approved as early as January 2024, which would open the Bitcoin market to as much as $70 billion from institutional investors.

Bitcoin profitability is now at its highest point since the bull market in 2021, with 81% of holders now in profit. The cryptocurrency is now trading at $38,756, up by 128% in the past 12 months. The first hurdle would be to break over the anticipated $40,000 price level before the end of the year.

BTC price recovers above $38,800 | Source: BTCUSD on Tradingview.com

Featured image from CoinGape, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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