As Bitcoin (BTC) enthusiasts eagerly await the next halving event, analytics firm Glassnode has provided a quote for the Bitcoin halving date, sending waves of excitement through the cryptocurrency community. In a recent tweet, Glassnode announced that although the fourth halving is expected at block 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 puts the halving around 100 days away. The Bitcoin halving event is considered a significant catalyst for the cryptocurrency’s price, a belief based on historical patterns where previous halvings coincided with substantial price increases.
While the fourth halving is predetermined to occur at block 840,000, the exact date is unknown due to the natural variability and probabilistic nature of mining blocks.
Our best estimate, given the current average lockdown interval, is that the halving is now 100 days away. pic.twitter.com/amUFgglXcB
— glassnode (@glassnode) January 18, 2024
During a halving event, the reward for mining Bitcoin blocks is halved, meaning that miners will only receive half of 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.
Anticipation for Bitcoin’s rally is growing
Bitcoin halving events occur approximately every four years, corresponding to every 210,000 blocks, as part of Bitcoin’s gradual, deflationary approach to its limited supply. This mechanism creates deflationary pressure on the digital currency, potentially contributing to an increase in value over time, provided demand for Bitcoin continues to grow.
At the time of writing, the current price of Bitcoin is to $42,476, representing a decline of 0.46% over the past 24 hours and a decline of 9.56% over the past week. The 24-hour trading volume also decreased by 15.69%, currently sitting at $20,397,236,945. Despite the current lack of significant price increases, analysts remain optimistic.
With the recent approval of Spot Bitcoin ETF from the US SEC and the upcoming BTC halving event, expectations are growing for an increase in investment in Bitcoin, potentially triggering a new price increase. The convergence of these factors has increased anticipation in the cryptocurrency market, as stakeholders closely monitor the potential impact on Bitcoin’s value in the coming months.