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Popular data vendor Glassnode has issued a Twitter/X post to share that it has managed to calculate how much time is left before the Bitcoin halvening event scheduled for May-April 2024.
The possible month in which the event would occur has been roughly figured out already by the cryptocurrency community. However, Glassnode has managed to make these calculations slightly more precise.
Here’s when next Bitcoin halvening will occur
Glassnode tweeted that it managed to count the approximate number of days left before the fourth Bitcoin halving takes place next year, using the following metric: the Bitcoin average interval over a window of 14 days. According to their calculations, the next decline of Bitcoin miner awards will take place roughly 130 days away, which makes it April 23.
The crypto community has enormous expectations regarding the Bitcoin price after the approaching halvening. Previously, after each of the three halvings, the flagship cryptocurrency demonstrated massive growth. After the most recent one, in 2020, the increase was by six times, and Bitcoin first reached the $65,000 all-time high in April 2021, soaring to the $69,000 level in October of the same year. Halving is the programmed measure to make Bitcoin more deflationary every four years since the amount of Bitcoin that gets minted (earned by miners) declines by half.
Yuri MolchanStill, despite that halving indeed having its impact, many experts add that Bitcoin soared to $69,000 largely because of the monetary policy conducted by the U.S. Federal Reserve in 2020, when the pandemic started and the U.S. government started printing trillions of U.S. dollars out of thin air.
In 2020 alone, more than six trillion U.S. dollars were printed and distributed among households in the form of “survival checks”; banks and large U.S. corporations were also bailed out.
Besides, in 2021, Elon Musk made a surprising announcement, saying that Tesla purchased $1.5 billion and put BTC on its balance sheet. Besides, the company began accepting Bitcoin for its electric cars. However, in April, Musk banned Bitcoin payments out of controversial concerns that PoW mining may be harmful for the environment.
Tesla continued to hold Bitcoin; however, by now, the company holds less than 10,000 BTC on its balance sheet – the rest has been sold.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov