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Bitcoin Rally Ahead? Here's Estimated BTC Halving Date, According to Glassnode

Published 01/21/2024, 12:27 PM
Updated 01/21/2024, 12:30 PM
© Reuters.  Bitcoin Rally Ahead? Here's Estimated BTC Halving Date, According to Glassnode

U.Today - As Bitcoin (BTC) enthusiasts eagerly await the next halving event, analytics firm Glassnode has provided an estimate for the Bitcoin halving date, sending ripples of excitement through the cryptocurrency community. In a recent tweet, Glassnode announced that, while the fourth halving is set to occur at block height 840,000, the exact date remains uncertain due to the inherent variability and probabilistic nature of mining blocks.

However, based on the current average block interval, Glassnode's best estimate places the halving approximately 100 days away. The Bitcoin halving event is regarded as a significant catalyst for the cryptocurrency's price, a belief grounded in historical patterns where previous halvings coincided with substantial price surges.

During a halving event, the reward for mining Bitcoin blocks is halved, meaning miners will receive only half the current reward for verifying transactions on the Bitcoin blockchain. In this upcoming event, the reward for miners will decrease from 6.25 BTC to 3.125 BTC per block.

Bitcoin rally anticipation grows

The Bitcoin halving events occur approximately every four years, corresponding to every 210,000 blocks, as part of Bitcoin's gradual, deinflationary approach toward its ultimate capped supply. This mechanism creates deinflationary pressure on the digital currency, potentially contributing to an increase in value over time, provided the demand for Bitcoin continues to grow.

At the time of writing, the current price of Bitcoin stands at $42,476, representing a 0.46% decrease in the last 24 hours and a 9.56% decline over the past week. The 24-hour trading volume has also decreased by 15.69%, currently standing at $20,397,236,945. Despite the current lack of significant price gains, analysts remain optimistic.

With the recent approval of spot Bitcoin ETFs by the U.S. SEC and the upcoming BTC halving event, expectations are growing for increased investment in Bitcoin, potentially sparking a new price rally. The convergence of these factors has heightened anticipation on the cryptocurrency market, as stakeholders closely monitor the potential impact on Bitcoin's value in the coming months.

This article was originally published on U.Today

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