Skip to content

What’s next for Bitcoin as 21k blocks left to be mined until halving?

What’s next for Bitcoin as 21k blocks left to be mined until halving?

As optimism returns to the cryptocurrency market with its representative asset, Bitcoin (BTC), crossing the threshold at $38,000 and establishing itself above it, more good news could be around the corner, considering that miners have only 21,000 BTC blocks left to mine until its next halving event.

Specifically, as the Bitcoin halving, estimated to happen in April 2024, approaches with only 21,000 blocks left, the realized price, i.e., the average purchase price of all BTC, could rise with it, according to the chart pattern analysis shared by cryptocurrency expert Root in an X post on November 30.

Indeed, the historical trends demonstrate that cycle bottoms for the flagship decentralized finance (DeFi) asset typically occur at 80,000 – 75,000 blocks left, after which the price steadily rises until the halving itself and then moves toward cycle peaks and even all-time highs (ATHs).

Bitcoin blocks until halving scaled by realized price. Source: Root

It is also worth noting that the target of around $250,000 after Bitcoin’s halving is a prediction by pseudonymous crypto trading analyst Trader Tardigrade as well, who recently shared an expectation that Bitcoin could grow toward $50,000 as the event approaches, after which it could rally to $250,000 and beyond.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time changing hands at the price of $38,627, recording an increase of 2.33% in the last 24 hours, as well as gaining 2.66% across the previous seven days and making a more significant advance of 12.15% on its monthly chart, according to the data on December 1.

Bitcoin 30-day price chart. Source: Finbold

All things considered, halving events are usually a bullish trigger for the price of the maiden crypto asset, and in combination with the anticipated approval of the first spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), could send this asset toward new ATH.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts