The highly anticipated fourth Bitcoin halving is approaching as the block height is expected to reach 840,000. Currently, there are less than 2,000 blocks remaining until the fourth halving, which is predicted to occur on April 20th at 10:17 PM Taiwan time. Within two weeks, the block reward will decrease from 6.25 BTC to 3.125 BTC.
According to the Bitcoin halving countdown page, the current block height is 838,056, meaning that there are less than 2,000 blocks remaining until the fourth halving. This is equivalent to less than 2 weeks of time. The fourth halving is set to activate when the block height reaches 840,000, which is expected to happen on April 20th at 10:17 PM Taiwan time.
The Bitcoin halving occurs automatically every 210,000 blocks, which is approximately every 4 years. Once the halving takes place, miners receive 50% less Bitcoin rewards compared to before the halving. However, miners can continue to earn additional transaction fees for each newly mined block.
Bitcoin has experienced three previous halvings. In the first halving in 2012, the block reward decreased from 50 BTC to 25 BTC. In the second halving in 2016, it further decreased to 12.5 BTC. In the third halving in 2020, it decreased to 6.25 BTC. The upcoming fourth halving will reduce the block reward to 3.125 BTC.
With a total supply of only 21 million BTC, the halving events will continue until the last Bitcoin is mined, which is projected to occur around 2140. After that, miners will only be able to earn transaction fees.
Looking at history, during previous Bitcoin halving cycles, there has often been a significant correction followed by a significant surge. The halving tends to occur before a major bull market for Bitcoin. However, it is worth noting that Bitcoin has already surpassed its previous all-time high in March before the fourth halving. This is the first time this has happened in the history of halving cycles.
Coinbase analysts David Duong and David Han suggest that this is the first time Bitcoin has reached a new all-time high before the halving, indicating that savvy traders have already factored in the halving’s effects. However, they also note that there is still a general expectation that the halving will drive up the price, so the price may continue to rise.
Anonymous analyst PlanB, who has successfully predicted BTC price movements in the previous bull market cycle, recently predicted that Bitcoin is currently in the early stage of a bull market and will inevitably reach $100,000 this year, with the possibility of surpassing $500,000 next year.
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