Countdown to Bitcoin halving: Less than 50,000 blocks remaining

There are present little than 50,000 blocks to spell earlier the Bitcoin halving triggers.

A tweet from Bitcoin Woods highlighted the milestone, adding that this puts the halving day connected April 22, 2024.

Based connected this timeline, the lawsuit volition hap successful 342 days. However, this is expected to fluctuate depending connected blocks closing sooner oregon aboriginal than the designated ten-minute interval.

Bitcoin assemblage awaits halving

The Bitcoin halving refers to an inbuilt 50% simplification successful the mining artifact reward that occurs each 210,000 blocks – usually each 4 years.

This upcoming halving volition beryllium the fourth successful Bitcoin’s history, cutting the artifact reward from 6.25 BTC to 3.125 BTC. There are 33 halvings programmed into the protocol, with the past acceptable to hap successful 2140 erstwhile the artifact reward zeros.

With a fixed maximum proviso of 21 cardinal coins, halvings dilatory down the fig of coins coming into circulation – frankincense hardwiring a scarcity mechanics into the protocol. In theory, this process impacts supply-demand dynamics, acting arsenic a tailwind to price.

This anticipation has played retired based connected past data, concocting a communicative that halvings are bull marketplace catalysts.

However, it’s worthy bearing successful caput that having 3 information points is not statistically rigorous. Additionally, macroeconomic uncertainty was not a origin successful erstwhile halvings.

Past halvings

Bit Harington charted the Bitcoin terms connected a logarithmic scale, marking points for 1 twelvemonth before, the halving itself, and the post-halving top.

The archetypal halving – occurred connected November 28, 2012, cutting the artifact reward from 50 BTC to 25 BTC.

• The terms 1 twelvemonth earlier was astir $2.
• At the clip of the halving was $12.35.
• By the top, astir January 2014, the terms was astir $1,000.

This equated to a 7,997% summation from halving to post-halving top.

The 2nd halving – occurred connected July 9, 2016, cutting the artifact reward from 25 BTC to 12.5 BTC.

• The terms 1 twelvemonth earlier was astir $270.
• At the clip of the halving was $650.
• By the top, astir December 2017, the terms was astir $19,800.

This equated to a 2,946% summation from halving to post-halving top.

The 3rd halving – occurred connected May 11, 2020, cutting the artifact reward from 12.5 BTC to 6.25 BTC.

• The terms 1 twelvemonth earlier was astir $8,500.
• At the clip of halving was $9,756.
• By the top, astir November 2022, the terms was $69,000.

This equated to a 607% summation from halving to post-halving top.

Source: @bitharington connected Twitter.com

In each 3 cases, the terms moved higher going into 1 twelvemonth before, to the halving, to the post-halving top. As expected, with BTC present priced successful 5 figures, the percent summation from halving to the post-halving apical has decreased.

If Bitcoin follows the aforesaid signifier this time, the terms is expected to beryllium much than $27,000 by the marketplace top. COO astatine Onramp Jesse Myers puts the apical terms astatine betwixt $120,000 and $240,000.

The station Countdown to Bitcoin halving: Less than 50,000 blocks remaining appeared archetypal connected CryptoSlate.