The highly anticipated fourth Bitcoin halving is approaching, which will occur when the block height reaches 840,000. Currently, there are less than 2,000 blocks remaining until the fourth halving, which is expected to take place on April 20th at 10:17 PM Taiwan time. The block reward will be reduced from 6.25 BTC to 3.125 BTC.
According to the Bitcoin halving countdown page, the current block height is 838,056, and there are less than 2,000 blocks remaining until the fourth halving, which is equivalent to less than 2 weeks. The fourth halving will be activated when the block height reaches 840,000, and it is expected to occur on April 20th at 10:17 PM Taiwan time.
As per the Bitcoin halving plan, halving occurs automatically every 210,000 blocks, which is approximately every 4 years. Once halving occurs, the Bitcoin rewards for miners will decrease by 50% compared to before the halving. However, miners will still be able to earn additional transaction fees for each newly mined block.
Bitcoin has experienced three halvings in its history. In the first halving in 2012, the block reward decreased from 50 BTC to 25 BTC. In the second halving in 2016, it decreased to 12.5 BTC. In the third halving in 2020, it decreased to 6.25 BTC. The upcoming fourth halving will further reduce the block reward to 3.125 BTC.
The total supply of Bitcoin is limited to 21 million coins, and the halving events will continue until the last Bitcoin is mined, which is expected to occur around 2140. After that, miners will only be able to earn transaction fees.
In terms of price impact, historical data shows that in previous Bitcoin halving cycles, there is often a significant pullback followed by a notable surge. Halving usually occurs before Bitcoin enters a major bull market. However, it is worth noting that Bitcoin has already surpassed its previous all-time high in March before the fourth halving. This is a first for the halving cycles.
Coinbase analysts David Duong and David Han pointed out that this is the first time Bitcoin has broken its previous all-time high before halving. This may indicate that smart traders have already factored in the halving effect. However, they also mentioned that people still generally believe that halving will drive up the price, so the price may continue to rise.
PlanB, an anonymous analyst who successfully predicted Bitcoin’s price in the previous bull market cycle, recently predicted that Bitcoin is currently in the early stage of a bull market. He believes that the price of Bitcoin will inevitably reach $100,000 this year and potentially surpass $500,000 next year.
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