Bitcoin Analyst Predicts New All-Time High in 364 Days Based on Historical Trends and Halvings

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Bitcoin’s future price trajectory has been a topic of discussion among analysts, with many expecting a surge in the near future. One crypto analyst, Mags, has developed a prediction model based on Bitcoin’s past halvings. Mags points out that historically, it took Bitcoin 234 days after its 2016 halving to break its all-time high, and 216 days after its 2020 halving to do the same. With the next halving scheduled to occur in around 130 days, Mags predicts that if history repeats itself, we could see another all-time high in December 2024, 364 days from now.In addition to the halving, Bitcoin’s current fundamentals suggest a bullish run in the coming months. The introduction of Bitcoin spot ETFs, which could be approved as early as January 2024, could open the market to institutional investors and potentially drive up the price. Furthermore, Bitcoin profitability is currently at its highest point since the 2021 bull market, with 81% of holders now in profit. The cryptocurrency is currently trading at $38,756, and breaking the $40,000 price level before the end of the year is seen as the first hurdle.Overall, analysts are optimistic about Bitcoin’s future trajectory, with expectations of a surge in price in the next few months.

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