The fourth Bitcoin halving, which will mark a crucial turning point for the cryptocurrency and its owners, is rapidly approaching.
One of the most eagerly awaited events on the Bitcoin calendar is the halving event, which lowers the pace of new currency creation by 50% and happens every 210,000 blocks.
The next BTC halving is slated to occur at block height 840,000, however because mining blocks are probabilistic and naturally unpredictable, the precise day and hour remain unknown.
Based on the current average block interval, the on-chain analytics start-up Glassnode believes that the halving will occur on April 23, 2024, or 158 days from now.
The Bitcoin halving appeals to investors in addition to its inherent beauty and inevitability. In the 365 days that followed each of the prior halvings, the market did quite well.
“Checkmatey,” an on-chain analyst at Glassnode, claims that after the halving event in prior cycles, Bitcoin has demonstrated an exceptional annual return profile of over 400%. But remember, previous performance does not translate into future success.
https://x.com/_Checkmatey_/status/1724006805997498765?s=20
Nevertheless, a new Glassnode research indicates that the outlook for Bitcoin is still optimistic.
Glassnode notes a continuous increase in illiquid balances over all past halving occurrences when examining the 90-day shift in illiquid supply.
This demonstrates that buy-side investor activity rises in the lead-up to and during the halves, often outpacing the rate of issuance in the lead-up to and following the event.
At the moment, illiquid supply is growing at a rate of 180,000 BTC each quarter—2.2 times faster than issuance. The current quarter’s mining output is about 81,000 BTC, but after the halving, it will soon drop to about 40,000 BTC every quarter.
As of right now, Glassnode is noticing a noteworthy convergence of Bitcoin measures, which suggests that the “available supply” is at all-time lows.
