The cryptocurrency world is excited as analytics company Glassnode has released an estimate for the next Bitcoin halving date, much to the delight of Bitcoin (BTC) aficionados who are anxiously awaiting the event. Glassnode revealed in a recent tweet that although the fourth halving is scheduled to happen at block height 840,000, the precise time is still unknown because of the random and unpredictable nature of mining blocks.
Still, Glassnode’s best estimate puts the halving at 100 days away based on the current average block interval. Because of past trends showing that huge price increases have occurred in the wake of other halvings, the Bitcoin halves event is seen as a major trigger for the cryptocurrency’s price.
https://x.com/glassnode/status/1747937602269847665?s=20
The incentive for mining Bitcoin blocks is halved during a halving event, which means miners will only get half of the current payout for confirming transactions on the network. The payout for miners will drop from 6.25 BTC to 3.125 BTC each block during this impending event.
Bitcoin rally anticipation grows
The Bitcoin halving events happen roughly every 4 years, or every 210,000 blocks, as part of the cryptocurrency’s slow, deflationary journey towards its final limited supply. If the demand for Bitcoin keeps rising, this process puts deinflationary pressure on the virtual currency, which might eventually lead to a rise in value.
As of the time of writing, the price of Bitcoin is $42,476, which is down 0.46% from the previous day and 9.56% from the previous week. Additionally, the 24-hour trade volume has dropped by 15.69%, totaling $20,397,236,945. Analysts are nonetheless upbeat despite the lack of notable price rises at this time.
Expectations for more investment in Bitcoin are rising in light of the impending BTC halving event and the U.S. SEC’s recent approval of spot Bitcoin ETFs, which may lead to a fresh price rise. The market for cryptocurrencies is anticipating more due to the confluence of these elements, and participants are keeping a careful eye on how Bitcoin’s value may be affected in the upcoming months.
