BTC-Newswire

280 Days Until Bitcoin Halving: How Did Previous Cycles Look Like Here?

Press Releases Crypto News Bitcoinist 280 Days Until Bitcoin Halving: How Did Previous Cycles Look Like Here?

Data shows the Bitcoin halving is only approximately 280 days away now. Here’s what the previous cycles looked like at the same point.

Next Bitcoin Halving Is Only Around 280 Days Away Now

The “halving” refers to a periodic event where Bitcoin’s block rewards are permanently cut in half. The block rewards are what miners receive as compensation for solving blocks on the network.

This event takes place every four years, with the next one being scheduled to take place sometime next year. The exact estimates differ between different mining-related platforms, but in the context of the current discussion, the next halving is assumed to be taking place in about 280 days.

Historically, halvings have held immense importance for the cryptocurrency, as the block rewards are essentially the only way to mint more of the coin, so their being cut in half tightens the production rate of the asset, and hence, makes it more scarce.

The height of bull markets in the past has always occurred following the halvings, as these events come with a strong bullish narrative. Because of their significance, the halvings are often chosen as the start and end points for defining what constitutes a Bitcoin “cycle.”

An analyst on Twitter has posted a chart that compares how the current BTC cycle looks like against the previous cycles when they were at similar points in their life as now:

The different BTC halving cycles compared against each other | Source: @therationalroot on Twitter

Here, the Bitcoin cycles are scaled using the number of days since their respective halvings. In the graph, the analyst has highlighted something that’s immediately interesting; it’s the fact that the cyclical bottoms in the current and previous two cycles all took place at around the same number of days since the halving.

This is only assuming, of course, that the bottom observed after the Go to Source to See Full Article
Author: Hououin Kyouma

Did you like this?
Tip BTC Newswire with Cryptocurrency