When Will Bitcoin (BTC) Price Hit ATH: Analyst Predicts Timeline

With Bitcoin (BTC) surging beyond the significant psychological barrier of $38,000 and maintaining its upward momentum, a prominent analyst Mag has shared insights into the potential timeline for Bitcoin reaching a new All-Time High (ATH). Perhaps, Mag’s predictions are based on historical cycles observed in Bitcoin’s price movements.

Bitcoin Halving Historical Cycles 

According to the tweet, Mag highlights the historical trend of Bitcoin taking approximately 234 to 216 days to surpass its previous ATH in the last two cycles. However, this data provides a valuable context for understanding the potential trajectory of Bitcoin’s price in the coming months.

What adds an intriguing element to Mag’s analysis is the proximity of the Bitcoin Halving, which is just 130 days away. The Bitcoin Halving event, occurring approximately every four years, is a significant milestone in the cryptocurrency’s supply mechanism, reducing the rate at which new bitcoins are generated.

Mag speculates that by adding 234 days post-halving, we arrive at a total of 364 days. This calculation, based on historical patterns, leads to the hypothesis that Bitcoin could experience a new ATH around 364 days from today, pointing towards the possibility of this milestone occurring in December 2024.

Tightness of Bitcoin Supply

The comprehensive report from Glassnode unfolds three pivotal stages, each shedding light on crucial aspects of the Bitcoin market. The initial stage focuses on the ‘Available and Active’ Supply, providing a metric for the actively circulating BTC available for trading.

Moving to the second stage, scrutiny of the rates within the ‘supply storage and saving’ phase reveals a decline in available supply. This signals a notable shift of coins away from exchanges and active trading, indicating a discernible trend toward cold storage and long-term investor wallets.

An intriguing observation emerges as the accumulation rates of entities holding less than 100 BTC have surpassed new issuance since February 2022. This marks the longest and most sustained period of such behavior in Bitcoin’s history.

The third stage delves into the analysis of capital flows’ impact on market valuation. Utilizing Realized Cap as a proxy to comprehend capital inflows, outflows, and asset rotation, the report finds that Bitcoin’s supply and liquidity are notably tight, emphasizing the current state of the market.

However, if the projections hold true, December 2024 could mark a notable moment in Bitcoin’s history, reinforcing its position as a leading digital asset in the financial landscape

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