The one in four year Bitcoin halving finalized on the 19th of April 2024, and this highly anticipated event has yet to take effect. Why so?
There are 32 total halvings scheduled in the next 112 years, and 4 have complated.
What does this mean?
Every four years, less and less bitcoin (small "b" refers to the coin, uppercase "B" refers to the network) enter the market from it's total 21,000,000 supply.
In the beginning, there was a treasury wallet with 21,000,000 total bitcoin.
A fixed small portion would enter the market every 10 minutes from a technique called "mining" from this treasury.
Every 10 minutes there is a block, and there are 144 blocks in a day.
Genesis Blocks: 2009 - 2012:
50 bitcoin per block
7,200 per day
2,628,000 per year
Total mined by 2012: 10,512,000 bitcoin of the full supply or 50%
1st Halving: 2012 - 2016: 50 bitcoin drops to 25 bitcoin (half)
25 bitcoin per block
3,600 per day
1,314,000 per year
Total mined by 2016: 15,768,000 bitcoin of the full supply or 75%
2nd Halving: 2016 - 2020: 25 bitcoin drops to 12.5 bitcoin (half)
12.5 bitcoin per block
1,800 per day
657,000 per year
Total mined by 2020: 18,396,000 bitcoin of the full supply or 87.6%
3rd Halving: 2020 - 2024: 12.5 bitcoin drops to 6.25 bitcoin (half)
6.25 bitcoin per block
900 per day
328,500 per year
Total mined by 2024: 19,710,000 bitcoin of the full supply or 93.8%
4th Halving: 2024 - 2028: 6.25 bitcoin drops to 3.125 bitcoin (half) CURRENT
3.125 bitcoin per block
450 per day
164,250 per year
Total mined by 2028: 20,367,000 bitcoin of the full supply or 96.9%
5th Halving: 2028 - 2032: 3.125 bitcoin drops to 1.5625 bitcoin (half)
1.5625 bitcoin per block
225 per day
82,125 per year
Total mined by 2028: 20,695,000 bitcoin of the full Bitcoin's Supply or 98.55%
This will continue until there is 0 bitcoin left in the treasury.
By the year 2034, 99% of all bitcoin would have been mined.
Let me blow your mind.
The remaining 1% of Bitcoin's supply will be released over 100 years.
This is why it's NOT TOO LATE!
How many days after a bitcoin halving does it take for price to start moving? Read the blog here as we dissect the possibilities.
https://btcclub.com.au/days-until-bitcoins-price-moves/
Bitcoin Saves Our Future.
Thank you for reading.
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How many days until bitcoin's price moves into new major multiples?
By the end of this blog, you'll have information on:
⚡ Dates of each bitcoin halving.
⚡ The approximate price at every halving.
⚡ How long did it take for price to move after a halving.
⚡ How long did it take to break its previous All Time High price.
⚡ How long did the price run for in days and percentage.
⚡ When can we expect the price to move in 2024.
⚡ Has all of this happened before?
If you want answers to those questions, you made it to the right place.
Halving 1 of 32 | Date: 28 November 2012
Price at time: $12.16 US per bitcoin
Previous All Time High: $31.95 in June 2011.
Reward half: 50 BTC per block down to 25 BTC per block.
Following the halving, Bitcoin experienced a consolidation phase for 40 days with minimal movement. On the 50th day after the halving, Bitcoin saw a notable uptrend, posting a 5.8% daily bullish candle at $15.56. It then surpassed the previous all-time high 91 days after the halving, marking a significant 169.35% increase.
By day 133, Bitcoin's price had soared to $280 per coin, representing a remarkable 2,144% surge from the first Bitcoin halving date. Subsequently, Bitcoin underwent a pullback lasting 88 days before embarking on another impressive rally, reaching $1,245 per coin. This surge amounted to a staggering 10,393% increase from the first Bitcoin halving date, spanning a total of 368 days.
Halving 2 of 32 | Date: 9 July 2016
Price at time: $655 US per bitcoin
Previous All Time High: $1,245 in December 2013.
Reward half: 25 BTC per block down to 12.5 BTC per block.
Just 23 days after the halving, Bitcoin experienced a significant drop of 26.84%. However, it took 109 days for Bitcoin to recover back to the price of the second halving.
Following this recovery, bitcoin traded for 236 days before finally breaking the previous all-time high of $1,245 per bitcoin. This breakthrough occurred after a total of 524 days from the 2nd bitcoin halving date.
The journey didn't end there. Bitcoin continued its impressive run, reaching a new all-time high on December 19, 2017, at $19,819 per Bitcoin. This remarkable milestone represented a staggering 2,989.52% increase from the second halving date.
Halving 3 of 32 | Date: 11 May 2020
Price at time: $8,628 US per bitcoin
Previous All Time High: $19,819 in December 2017.
Reward half: 12.5 BTC per block down to 6.25 BTC per block.
Following the halving, bitcoin underwent a period of sideways consolidation lasting 70 days before showing any significant upward movement. On the 77th day after the third halving, bitcoin experienced a notable 11.62% increase in price.
Bitcoin continued to advance, ultimately breaking the previous all-time high 203 days after the third halving date. It reached its first major all-time high 339 days after the halving, soaring to $64,617 per coin.
After reaching this milestone, Bitcoin experienced a 54% decline before embarking on another rally, breaking a new all-time high at $69,000 per coin. This occurred 550 days after the third Bitcoin halving date, representing a solid 678.11% increase from the halving date.
Halving 4 of 32 | Date: 19 April 2024
Price at time: $63,752 US per bitcoin
Previous All Time High: $73,841 on 14th March 2024.
Reward half: 6.25 BTC per block down to 3.125 BTC per block.
Remarkably, for the first time in four halving cycles, Bitcoin was already at an all-time high just 37 days before the halving. This was uncharted territory for Bitcoin.
What we know from past data is that it typically takes more than 40 days for any major price movements to occur after a halving event. This suggests that patience is required as miners adjust to the reduced reward of 3.125 bitcoins per block. They are currently recalculating their profit and loss considering energy costs and efficiencies, a process that takes time.
Additionally, there has been a sell-off, reminiscent of the second halving. However, this situation is unique because Bitcoin's price has increased by 117.63% year-to-date, unlike previous halvings. As a result, some investors with weaker resolve may choose to take profits during this period.
Based on data from previous halvings, significant advances typically occurred after 40, 70, 106, 203, and 336+ days. This suggests that bitcoin may consolidate until the end of May, June, or possibly November 2024.
Patience is crucial during this period. Understanding Bitcoin, its technology, its mission, and its role as a hedge against traditional finance will provide reassurance. The great news, you'll may have more opportunities to dollar-cost average (DCA) before any major moves occur.
Here are some interesting facts to consider:
If history repeats itself, by August 5th, which coincidentally is my birthday, we may never see Bitcoin trade below $63,752 again.
Bitcoin Saves Our Future.
Thank you for reading.
Are you looking for any tools or which Australian Bitcoin exchange to buy or sell? Look no further!
Bitcoin Converter
Comparing the Australian Cryptocurrency and Bitcoin Only Exchanges - Who is cheapest?
Looking for a cold storage device to secure your Bitcoin? Blockstream Jade Shop
Checkout our upcoming live stream events: Promotions Page
Become a member and gain access to:
⚡ Member Portal Login.
⚡ Automatically entered into Every bitcoin Draw.
⚡ Your Entries Into Draws Never Expire and Roll Into Next Month.
⚡ VIP Member Only Draws.
⚡ Participate In All Live Stream Bitcoin Games.
⚡ Exclusive Discounts with Partners Including 10% off Blockstream Jade & HardBlock Exchange Offer.
⚡ Bitcoin Starters Guide One Page Checklist on Signup.
⚡ Weekly Bitcoin Report / Data Email.
⚡ Notifications When We Buy / Sell bitcoin... Joke! We Only Buy!!!
⚡ Invites to Private Events and Webinars.
Memberships Start from $9 per month in fiat, cancel anytime.
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