Only 320 days left, Bitcoin halving event will take place and many people are waiting after Bitcoin Halving, Bitcoin will have stronger growth like previous halvings.
The community is waiting for Bitcoin halving
Bitcoin Halving is the process of halving the block reward of Bitcoin mining, usually every four years, expected by the community to take place in 320 days.
This upcoming halving will be the fourth time in the history of the current market’s largest cryptocurrency, Bitcoin will cut the block reward from 6.25 BTC to 3.125 BTC.
With a fixed maximum supply of 21 million BTC, the Bitcoin halving will slow down the amount of BTC put into circulation. In theory, this process impacts supply-demand dynamics and drives Bitcoin’s growth.
This expectation has played out based on past data, and many believe that the Bitcoin halving is the catalyst that helps the market explode after each event.
Bitcoin price after each Bitcoin Halving event in the past
The first halving occurred on November 28, 2012, cutting the block reward from 50 BTC to 25 BTC.
- Price 1 year before Bitcoin halving around 2 USD.
- At the time of Bitcoin halving it was 12.35 USD.
- Around January 2014, Bitcoin reached its cyclical peak of $1,000.
This equates to a 7997% increase from halving to post-halving peak.
The second halving took place on July 9, 2016, cutting the block reward from 25 BTC to 12.5 BTC.
- Price 1 year before Bitcoin halving around 270 USD.
- At the time of Bitcoin halving it was $650.
- Around December 2017, Bitcoin peaked this cycle at $19,800.
This equates to a 2946% increase from halving to post-halving peak.
The third halving took place on May 11, 2020, cutting the block reward from 12.5 BTC to 6.25 BTC.
- The price 1 year before the Bitcoin halving was around $8500.
- At the time of Bitcoin halving it was $9756.
- Around November 2021, Bitcoin reached its cyclical peak of $69,000.
This equates to a 607% increase from halving to post-halving peak.
As can be seen in all three previous cycles, Bitcoin price has always been higher in the previous year, to the halving, and to the peak after the halving.
If Bitcoin follows a similar pattern this time, the price is expected to break the previous all-time high of $69,000 in November 2021. Jesse Myers, COO of Onramp has predicted that the next cycle peak will be reached between 12-18 months after the Bitcoin halving and Bitcoin will range from $120,000 to $240,000.