The next Bitcoin Halving event is approximately 481 days away. The event will bring Bitcoin’s inflation to 1.8 percent, which is below the annual inflation targets touted by central banks.
Bitcoin Halving 481 Days Away
Bitcoin halving, the event which is going to cut the number of new bitcoins mined every day in half, is approximately 481 days away from now.
There are 69,346 blocks needed to be mined before the halving event.
The 1,800 BTC which are currently minted every day will be reduced to 900. This also means that the inflation rate, which is continually decreasing, will be at 1.8%. As noted by Alec Ziupsnys, founding partner at blockchain project incubator Rhythm Technologies, this will bring Bitcoin’s inflation below annual inflation targets which are touted by central banks.
What Does This Mean for Bitcoin Price?
Bitcoin’s halving is not a definitive precursor of the price going up. However, it’s worth pointing out that there is a hype cycle starting to surface around this important event.
My Bitcoin News reported popular cryptocurrency trader Moon Overlord thins that the event can potentially trigger a Bitcoin price rally in May this year.
Naturally, when the supply of an asset is reduced while the demand for it remains the same or increases, prices should in theory, increase.
If history is any indicator, however, things are looking rather positive. So far, there have been two Bitcoin halving events. The first one was in November 2012 and it slashed the block reward from 50 BTC to 25 BTC.
The next halving took place in July 2016 and, naturally, it reduced the block reward from 25 BTC to the current 12.5 BTC.
Historically, we can observe a positive correlation between the the price of Bitcoin and halving events. In the years following both halvings, Bitcoin has spiked in value tremendously.
Additionally, another cryptocurrency individual – Trader Jones, recently drew attention to Bitcoin’s current Relative Strength Index RSI, outlining that it looks a lot like the one at the end of 2015’s bear market.
What do you think of the Bitcoin Halving? Do you think it will trigger a bull run? Let us know down below!
Images credit to Pixabay