Bitcoin Halving Is 60% Complete, Could It Take Place Next Year?
Bitcoin Halving Is 60% Complete, Could It Take Place Next Year?
Recently, Bitcoin’s hashrate has been seen to be continuously rising the last couple of months, leading many crypto investors to question whether Bitcoin’s long-awaited halving will possibly come sooner than expected.
Bitcoin’s Halving
On October 5th, 2022, Bitcoin saw its total hashrate touch an all time high at 321.15 exahash per second (EH/s). Along with this, it was calculated that Bitcoin’s current progress to its next halving is around 60% complete, causing excitement among investors at the idea that this process has already gone past the 50% mark.
Bitcoin’s hashrate has surged lately and is gearing up for a solid finish to 2022.
I believe it will end the year at 260 EH/s. pic.twitter.com/brbZMhxs5J
— Jaran Mellerud (@JMellerud) October 6, 2022
Earlier this September, there was also quite a buzz in the community at the prospect of Bitcoin halving possibly taking place in the year 2023 instead of the expected 2024. However, most of the people that went against this argued that this could not be possible as Bitcoin’s difficulty adjustment will keep Bitcoin from being mined at a fast pace.
Related: The Next Bitcoin Halving Could Come Sooner Than Expected, Here’s Why!
With the next difficulty adjustment being targeted for October 10th, many are waiting to see whether this will alter the pace at which Bitcoin is currently being mined. However, if block times remain faster than usual even after the adjustment, it may be possible for the halving to take place in the year 2023.
▓▓▓▓▓▓▓▓▓░░░░░░ 60.9%
570 days left ($19491 per #bitcoin)
— Progress Until Next Halving (@btc_halving) October 9, 2022
According to data from bitcoinsensus.com, rather than the expected May 1, 2024 date for Bitcoin’s halving, if Bitcoin continues at a 7:65 minutes per block interval, it may be possible for tha Halving to take place around December 19, 2023.
How Will This Affect BTC’s Price?
The halving is known to create massive waves of bullishness in the community, with Bitcoin’s price often rising by quite an amount ahead of the event.
However, some investors have also warned others to beware for a price drop sometime this year, specifically sometime in the fourth quarter of 2024.
Read More: Smartphone Could Be The Drive For The Public’s Crypto Adoption
As Crypto analyst @rektcapital explains, many times previously, Bitcoin’s price would often see its price bottom out around 500 days ahead of the halving. This would suggest that we may see Bitcoin’s bottom sometime soon before prices eventually rise next year ahead of the halving.
In 2015, #BTC bottomed 547 days before the Halving
In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash)
If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving…
Then the bottom will occur in Q4 this year#Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 5, 2022
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