The current Bitcoin price is $42,476, down 0.46% in the past 24 hours and down 9.56% in a week. Despite market volatility, analysts remain optimistic about Bitcoin's future. The 24-hour trading volume decreased by 15.69% and currently stands at $20,397,236,945. However, if recent volatility has shaken your faith in Bitcoin, Glassnode has provided some hard facts to support Bitcoin’s rally ahead of the halving event just 100 days away.
Glassnode predicts Bitcoin will rebound in 100 days
The market is currently focused on the upcoming Bitcoin halving event, a key event that occurs every four years. Glassnode, a well-known analytics firm, provided an estimate of the Bitcoin halving date, further fueling market excitement. While the event is expected to occur at block height 840,000, the exact date remains uncertain due to the inherent variability and probabilistic nature of mining blocks.
Based on the current average block interval, Glassnode’s best estimate is that the Bitcoin halving is about 100 days away, injecting a sense of anticipation into the crypto community. The Bitcoin halving event occurs every 210,000 blocks and marks a critical moment for Bitcoin to gradually de-inflation and achieve the final supply limit of 21 million Bitcoins.
Historical performance and future prospects
During the halving event, miner rewards were reduced from 6.25 BTC to 3.125 BTC per block. Historically, Bitcoin halving events have always been accompanied by price surges, and reduced mining rewards have put de-inflationary pressure on the digital currency. This mechanism is consistent with Bitcoin’s gradual approach to de-inflation that eventually limits the supply, helping to increase value over time, provided demand for Bitcoin continues to grow.
Based on the fact that past halving events have been accompanied by significant price increases, analysts are convinced that a similar pattern may occur this time. The future of Bitcoin may find new growth opportunities in the halving event.
