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According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching $73,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
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Tag: halving
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Anticipation Builds as Bitcoin Stands Less Than 1,400 Blocks From Monumental Halving
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Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
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The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
Bitcoin’s Performance After Each Halving
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to $1,000 from $12 at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
Source: MilkRoadThis parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from $650 and $8,821 (at the time of the Halving) to $2,506 and $56,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around $70,400, up in the last 24 hours according to data from CoinMarketCap.
BTC price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image from 99Bitcoins, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event
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In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […]
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Bitcoin will peak at $253K, Ethereum at $22K this cycle if 2016 halving bull run repeats
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Bitcoin (BTC) may be over seven times higher than at its last halving, but if history repeats, that number could grow another 300% and more.
As tracked by on-chain data source Ecoinometrics this month, BTC/USD has the potential to eclipse estimates simply by following historical precedent.
Bitcoin: Compared to 2017, you ain’t seen nothing yet
Bitcoin currently trades 7.3 times its price since the halving in May 2020. If the last halving cycle is anything to go by, however, price action will not stop until it is 30 times higher.
The data relates to the roughly four-year halving cycles in which Bitcoin has exhibited identical behavior since its inception.
The current cycle, despite impatience from some traders, remains closely tied to the previous two.
Taking 2017 as an example, the next BTC price peak could be as much as $253,800 — and even then, Bitcoin would still be acting within previously defined parameters.
Ecoinometrics also includes data on Ether (ETH) and its performance relative to the stage of Bitcoin’s halving cycle.
The largest altcoin saw much larger comparative gains relative to Bitcoin — 120 times its halving price marked last cycle’s peak in 2018.
Thus, a repeat performance would mean ETH/USD trading at $22,300 — again not beyond the realms of possibility.
In terms of what the subsequent bear market could bring, Bitcoin would need to bottom out at around $42,000 to copy its post-2017 correction. ETH’s price, on the other hand, would fall to $1,347.
Bitcoin and Ether post-halving performance chart. Source: Ecoinometrics/Twitter 1 BTC = 1 BTC
If such sky-high figures are difficult to comprehend, they pale in comparison to what well-known data analyst Willy Woo now believes.
Related: Bitcoin retests support, with trader forecasting BTC price dip to $55K
In a tweet this week, Woo reiterated that this Bitcoin halving cycle would be unique in one specific way: It will end in things being priced in BTC, not United States dollars, as using anything to measure BTC value will be pointless.
“What’s my prediction for the top of this cycle? Since I think this is the last cycle, the one that takes us to saturation, which if it wins, we can’t put a USD value on it because things get valued in BTC,” he wrote.
“Thus the cycle top is easy to pick. It will be 1 BTC = 1 BTC.”
A separate post noted how close Bitcoin was getting by market capitalization compared to U.S. dollar M2 supply. The situation in the next five years — the remainder of the current cycle and start of the next — he commented, will be “very interesting.”
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