We are roughly 17 months away from bitcoin's next halving
The block rewards for bitcoin will be cut in half in roughly 17 months.
Every block, rewards are paid to bitcoin miners, those that solve the complex mathematical equations.
The first block reward started at 50 BTC and has been cut in half every 210,000 blocks.
The current block reward is 12.5 BTC.
Each block is mined every 10 minutes on average, which means that roughly 144 blocks are mined per day.
Given that information we can deduce that roughly every 4 years the block reward is cut in half, meaning that the next block halving event will take place roughly 17 months from now.
Why is this important?
It is important because bitcoin has historically rallied around these events.
Specifically, bitcoin tends to bottom out between 12-17 months prior to a reward reduction and go on a significant run from then to a year post the block reward reduction.
(Source: https://ihodl.com/infographics/2018-04-09/chart-day-bitcoin-reward-halving-and-price-history/)
This chart is a bit old as we are much closer to that 2019 date than the chart would indicate.
If history were to repeat, we would bottom out sometime between now and the next 5 months, and then enjoy a nice rally over the following 1-2 years.
Not sure about you, but I certainly would be ok with history repeating in this case!
Stay informed my friends.
Follow me: @jrcornel
Interesting.. I wonder if McAfee will lose his bet?
Not looking good for him at the moment. He may end up being right, but probably a few years too early if it ever happens.
Let’s hope history repeats itself 🧐💰🧐
Do you feel lucky?
make sense....interesting research ! good job!
Thanks!
Let’s let history run its course then!
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Run history run!
Yessir!!
Posted using Partiko iOS
Makes complete sense as the miners will have less supply to put out into the market to sell. This will cause a long term balance to demand and supply.
Exactly. Or even an imbalance if some demand comes in. :)
For every day that passes I get more bullish, I was expecting this to be the bottom, but evidences like this just blow my mind... BIG opportunity to buy now, or cry later.
Haha I like that; Buy now or cry later.
It is exactly what I feel, and I want to be one of those who is enough staked to say, "you should have bought in November/December 2018".
I hope you are right.
Nice observation. Here's to history repeating itself!
Posted using Partiko Android
That reads like some good news on the way. Hope history holds.
We are right in the bottoming range now. Could be sometime within the next 5 months if history repeats.
Hopefully this will hold true but I am not holding my breath!
It would be the first time ever that bitcoin did not rally around a halving event if it doesn't hold true...
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STOPTo support your work, I also upvoted your post!