Bitcoin’s Halving Event Could Take Price Much Higher
Bitcoin's halving event could mean that the price will rally again in the coming months, but it also means slower Bitcoin production.
Bitcoin (BTC) is designed to halve in the near future, and that could have a drastic impact on the coin’s price.
As Bitcoin’s rate shoots up close to the all-time high with a current level of $62,048 (BTC/USD), investors are anticipating an event known as having. This will make it twice as hard to mine Bitcoin, and the token is fast approaching the point where halving should occur.
Halving is something that happens about once every four years, and Bitcoin has had a few halvings since its inception. This is not something that is manually triggered. It occurs automatically and is actually built into the coin’s code. When it happens, Bitcoin mining produces half as much Bitcoin as normal.
This usually triggers a price surge, which tends to happen right after a halving event. Bitcoin has been surging lately, with predictions calling for it to reach $100,000 in the near future. If the halving causes another rally, then the price could go much higher than expected.
When Will the Halving Happen?
Bitcoin’s halving events are based on how many coins are in circulation. The halving is supposed to happen when 210,000 blocks have been created on the Bitcoin blockchain. We are nearing that next block milestone, which is estimated to take place on April 19th.
Halving will mean that Bitcoin will become much harder to create, which means it will be rarer, and the price should naturally increase. When halving happens, only 3.125 bitcoins will be rewarded per block.
The total number of Bitcoins that can ever be created is 21 million, and more than 19 million have already been made. This means that halving events may not keep coming for a lot longer, although the slowing rate of reward will extend the time from what it would be without that halving event.
Even if the current bull run ends soon, expect another one to happen right after the expected April 18th halving event.
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