He bitcoin-bull-market-glassnode” rel=”nofollow”>bitcoin Halving is approaching quickly, there are less than 2,900 blocks left before bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”>Miner rewards are halved.. This event, scheduled for April, is significant since bitcoin-primed-for-parabolic-ride-experts-say/” rel=”nofollow”>The price of bitcoin could enjoy a parabolic move higher once it occurs.
bitcoin Halving Scheduled for April 19
bitcoin-halving” rel=”nofollow”>Data from Coinwarz shows that the bitcoin-difficulty-drops-miners-expand-halving/” rel=”nofollow”>bitcoin Halving will take place on April 19 in Block 840,000. This projection is based on the current situation of bitcoin. average block timewhich means the Halving may occur a little before 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-creator-satoshi-nakamoto-said-bitcoin-should-not-be-called-an-investment-so-what-is-it/” rel=”nofollow”>bitcoin founder Satoshi Nakamoto, encoded in the flagship cryptocurrency and takes place every 210,000 blocks. Three halving events have occurred since bitcoin-celebrates-13-years-since-the-genesis-block/” rel=”nofollow”>genesis block in 2009, when the first bitcoin block 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, cutting bitcoin-miners-enjoy-2nd-highest-daily-revenue-ever/” rel=”nofollow”>miner rewards at 12.5 btc. The third occurred on May 11, 2020, reducing the reward to 6.25 btc. Now, miner rewards will be halved 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 primarily affects miners, the crypto community is closely following it due to the ripple effects it could have on the market. The bitcoin offer It comes from the rewards of these miners, and a reduction in them generally increases the value of bitcoin.
bitcoin’s Performance After Each Halving
Historically, Halving has always led to bitcoin price appreciation. Ninety days after bitcoin-halving-less-than-10000-blocks/#:~:text=The%20Last%20Two%20BTC%20Halvings,A%20dramatic%20hike%20of%2010%2C218%25.” rel=”nofollow”>first halving On November 28, 2012, the price of bitcoin rose to $1,000 from $12 at Halving time. Subsequently, the price of bitcoin experienced a gain of more than 8,000% a year after that Halving.
<img decoding="async" class="alignnone size-medium wp-image-600773 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-halving.png?w=460&resize=460%2C199″ alt=”Halving bitcoin” width=”460″ height=”199″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-halving.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/04/bitcoin-halving.png?w=460&resize=460%2C199 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
x.com/MilkRoadDaily/status/1755367298725031956?s=20" rel="nofollow">Source: MilkRoad
This parabolic rise in prices also occurred after the second and bitcoin-to-hit-33k-by-july-because-history/” rel=”nofollow”>Third Halving Event, with 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 also gained 284% and 559% a year after the event.
This time is not expected to be different as bitcoin is again. foretold experience a massive bullish move after April. This bullish sentiment is further reinforced by bitcoin-burst-demand-outpaces-supply/” rel=”nofollow”>bitcoin demandthat has continued to skyrocket in the face of an increasingly smaller supply.
At the time of writing, bitcoin is trading at around $70,400, up in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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btc price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image of 99Bitcoins, chart from Tradingview.com
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