Bitcoin halving is coming: when it will happen and how the event is likely to affect the Bitcoin price

The Bitcoin halving coming this spring is probably the most important event in the crypto world. Will Bitcoin benefit from the halving, as it has in the past, and the price will continue to rise?

• Bitcoin halving expected in April
• Halving is likely to have a positive impact on the Bitcoin price
• Experts some with extremely bullish forecasts

After its all-time high in November 2021 at around 69,000 US dollars, Bitcoin went down sharply in 2022. There was turbulence in the crypto market, which impacted the prices of numerous coins. A recovery then began in 2023 and will continue into the new year.


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The first positive news of 2024 that supported the Bitcoin price in recent weeks was the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC). Since then, investors have been able to invest in exchange-traded Bitcoin funds, which in turn invest directly in Bitcoin.

Over the course of the still young year, Bitcoin was able to pass the 45,000 US dollar mark and then also the around 50,000 US dollar mark. Since the start of the year, the Bitcoin price has already increased by 55.3 percent and most recently cost 67,383.90 US dollars (as of March 8, 2024).

Bitcoin halving is imminent

Another important event and a possible driving force for the price of the oldest and largest cryptocurrency in terms of market capitalization is coming up this year with the Bitcoin halving.

Bitcoin miners receive a certain amount of newly generated Bitcoins as a reward for providing computing power to create new blocks in the Bitcoin network. However, the amount of coins distributed as a reward per block is halved whenever the miners generate around 210,000 new blocks. This halving of the reward is called Bitcoin halving.

According to NiceHash, the first reward for a Bitcoin block was 50 Bitcoins. After three halving events, the reward is currently 6.25 BTC. At the upcoming halving event, the reward for miners will be reduced to 3,125 BTC. The amount of available Bitcoins grows more and more slowly – until the upper limit of 21 million coins is reached.

The halving takes place approximately every four years. The website “Bitcoinsensus” currently dates it to April 21, 2024, based on an average block generation time of ten minutes, and April 15, 2024, based on the current block generation time of 8.73 minutes. According to Bitcoinsensus, 8,693 blocks still need to be created before the halving (as of February 20, 2024). NiceHash has now calculated April 17th as the expected halving date. According to the website, 6,395 blocks are still outstanding by then (as of March 8, 2024).

Positive effect expected

The market expects the Bitcoin halving to have positive long-term effects on the price of the original cyber currency. As the reward is repeatedly reduced, the supply of Bitcoins increases more and more slowly, which is intended to prevent excessive inflation. The slower growth in Bitcoin supply could cause the price of Bitcoin to rise further if demand is high.

The previous halvings in 2012, 2016 and 2020 have already shown that Bitcoin was able to gain significantly after the block reward was reduced – especially in the long term. As Bitpanda shows in a table, Bitcoin was trading at $12.35 on the day of the first halving in 2012. 365 days later, its value had multiplied – it cost $1,003.38. On the day of the halving in 2016, Bitcoin was worth $650.53. A year later it was already trading at $2,518.44. On the day of the Bitcoin halving in 2020, the Bitcoin price was $8,821.42 – 365 days later, one Bitcoin cost $55,986.51.

However, the halving could have a negative impact on Bitcoin miners, who will face a loss of income due to the reward being halved. According to “BTC-ECHO”, some analysts expect that just five profitable mining companies will remain after the Bitcoin halving.

Bitcoin price predictions

After the price increases in the past, some experts are also very confident about the Bitcoin price this year. According to BTC-ECHO, analysts at Galaxy Digital are cautiously optimistic with a price target of $59,000, as is Mark Mobius, who, according to CNBC, expects a rise to $60,000. Youwei Yang, chief economist at Bitcoin mining company BIT Mining, expects Bitcoin to reach $75,000 later this year, CNBC reports. CoinShares is now expecting an upswing to $80,000, while Antoni Trenchev, co-founder of the cryptocurrency exchange Nexo, believes that Bitcoin will reach around $100,000 – the bank Standard Chartered and the professor also gave the same forecast in finance from the University of Sussex, Carol Alexander, reports CNBC.

Analysis firm Matrixport believes that the price of Bitcoin could rise to $125,000 by the end of the year. “Rich Dad, Poor Dad” author Robert Kiyosaki predicts a Bitcoin price of $135,000, according to BTC-ECHO. Meanwhile, crypto bull Tim Draper believes that the crypto veteran could climb to $250,000. Seth Ginns, managing partner at CoinFund, told CNBC that a “reasonable expectation” for 2024 is between $250,000 and $500,000 – although he believes Bitcoin could hit $1 million per coin “in this next cycle.” to reach.

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