Bitcoin Halving Event 4 Approaches in 100 Days
The world's largest cryptocurrency network, Bitcoin, is just 100 days away from its fourth halving event in history.
Bitcoin Halving Event 4 Approaches in 100 Days
According to data from the Bitcoin network's block explorer Blockchair, Bitcoin is set to undergo its fourth halving event in exactly 100 days, reducing the block reward from 6.25 BTC to 3.125 BTC.
The estimated time for the halving is around April 22, 2024 (Vietnam time), assuming Bitcoin maintains its average block time of 10 minutes without disruptions.
Next Bitcoin halving event is scheduled for April 22, 2024. Source: Blockchair
As explained by Coin68, halving is BTC's deflationary mechanism designed to halve the reward for mining blocks every 120,000 blocks, roughly every four years. This is intended to ensure the extended issuance of Bitcoin until reaching the maximum supply of 21 million BTC by the year 2140.
Since its inception in 2009, Bitcoin has previously undergone halvings in 2012, 2016, and 2020.
Historically, the halving cycle has been seen as a milestone ushering in new growth phases for the cryptocurrency market, with Bitcoin often reaching all-time highs (ATH) approximately a year after each halving.
The next halving event is expected to begin at the end of April 2024, reducing the block reward to 3,125 BTC/block.
Bitcoin price fluctuations post each halving season. Source: Crypto.com
Many market analysts predict that Bitcoin will undergo a growth phase similar to 2013, 2017, and 2021 following the upcoming halving event, potentially reaching hundreds of thousands of USD in value.
On January 11, Bitcoin achieved another historic milestone in its 15-year journey when the U.S. Securities and Exchange Commission (SEC) approved 11 proposals for Bitcoin spot ETFs from major Wall Street players, recording trading volumes of up to $7.7 billion within just 2 days of launch.
