the Bitcoin halving It’s quickly approaching, with less than 2,900 pieces left to go Miner rewards are cut in half. This event, expected to occur sometime in April, is of great importance Bitcoin price It can enjoy a parabolic move to the upside after the fact.
The Bitcoin halving is set for April 19
Data From Coinwarz it shows that Bitcoin halving It is scheduled for April 19 in Building 840,000. This projection is based on Bitcoin current Average block timeWhich means the halving could come a little earlier or sometime after April 19. However, the main focus remains that miners’ supplies will be cut in half.
The halving event is a deflationary measure Bitcoin founder, Satoshi Nakamoto, is encrypted in the main cryptocurrency and occurs after every 210,000 blocks. Three events occurred half a year ago Configuration block In 2009, when the first block of Bitcoin was mined. The first was on November 28, 2012, when miner rewards were reduced from 50 BTC to 25 BTC.
The next halving event took place on July 9, 2016, where it was cut short Miner Rewards To 12.5 Bitcoin. The third occurred on May 11, 2020, where the reward was reduced to 6.25 BTC. Now, miner rewards are set to be halved again, bringing them down to 3,125 BTC.
This reward is the amount BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the cryptocurrency community is watching it closely due to the ripple effects it could have on the market. Bitcoin supply These rewards come through miner rewards, and a decrease in them usually results in a rise in the value of Bitcoin.
Bitcoin performance after each halving
Historically, halving has caused the price of Bitcoin to rise. After ninety days First half On November 28, 2012, the price of Bitcoin rose to $1,000 from $12 at the time of the halving. Subsequently, the price of Bitcoin saw a rise of more than 8,000% one year after the halving.
Source: Milk Road
This rise in parabolic prices also occurred after the second and Events of the third halfWith the price of Bitcoin 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 was also up 284% and 559% one year after the event.
This time is not expected to be different as it happened with Bitcoin again And he expected To experience a massive move to the upside after April. This bullish sentiment is further strengthened Demand for Bitcoinwhich continued to rise in the face of dwindling supply.
At the time of writing, Bitcoin is trading at around $70,400, rising over the past 24 hours according to Data From Coin Market Cap.
BTC price struggles before halving | Source: BTCUSD on Tradingview.com
Featured image of 99Bitcoins, chart from Tradingview.com