Bitcoin Halving 2024 Countdown Begins: Should I Buy Bitcoin Now?

2024 is the make-or-break year for Bitcoin, marking the fourth Bitcoin halving scheduled for this year. This pivotal event is key to Bitcoin's future trajectory and the entire crypto market. Thus, investors have started to keep a keen eye on the Bitcoin halving countdown clock, where every tick adds to the anticipation of the next Bitcoin halving in 2024.

But what exactly does the Bitcoin Halving clock show about the next halving event, and how does that affect the Bitcoin price?

This is the aspect that we will discuss in this blog. We will also address the burning questions that may occupy your mind due to Bitcoin's halving, like: Should I buy Bitcoin now? Or Will BTC rise again?

Thus, stay with us as we solve multiple queries about the Bitcoin halving 2024 while providing valuable insights.

So, let's quickly understand Bitcoin Halving first before going into tricky details.

Bitcoin Halving

Bitcoin Halving is a pre-scheduled event every four years when the mining reward is reduced to half. Unlike traditional currencies, with the bank issuing their new supply, Bitcoin is a digital currency where new supply exists through an energy-intensive process called "mining". In mining, many powerful computers compete to solve mathematical equations to earn the opportunity to mine a new Bitcoin block. Whoever miner solves the mathematical problem presented by the Bitcoin blockchain first and mines the new block successfully gets to earn new Bitcoins as their reward.

However, since Bitcoin has a limited supply of only 21 million, this mining reward given to miners for mining the new Bitcoin block keeps reducing to half every four years. Bitcoin Halving is the event when this reduction in mining reward officially occurs. The purpose is to control the rate at which new Bitcoins come into the market to maintain its demand-supply dynamic and price.

When Bitcoin launched in 2008, the mining reward was 50 BTC till 2012. That means any miner who mined bitcoin blocks from 2008 to 2012 got 50 BTC per mine. Then came the first Bitcoin halving event that reduced this mining reward to half (50/2), 25 BTC till 2016. After the second halving in 2016, the Bitcoin mining reward was reduced to 12.5BTC from 2016 to 2020. This reward was then halved to 6.35 BTC in the third Bitcoin halving of 2020. In the next Bitcoin halving of 2024, the Bitcoin mining reward will be reduced to 3.125 BTC. In this way, 32 such Bitcoin halvings will occur until the last Bitcoin is mined.

Upcoming and Past Bitcoin Halving Date and Rewards

To learn more about Bitcoin halving, click here.

Bitcoin Halving Countdown Clock

As you can see from the above table, the next Bitcoin halving, also known as Bitcoin Halving 2024, is scheduled for April, which is not so far. However, the exact Bitcoin halving date and time are tricky to determine due to one factor: Block height. Even though the Bitcoin whitepaper has fixed the occurrence of Bitcoin halving every four years, the exact Bitcoin halving date and time depend on the Bitcoin block height.

Bitcoin block height is the total number of validated blocks added to the blockchain. With every few new Bitcoin transactions, a new block containing information about those transactions gets added to the blockchain, increasing its block height by one.

Every Bitcoin halving occurs after miners add 210,000 new blocks to the blockchain. Thus, the first Bitcoin halving took place when the Bitcoin block height reached 210,000, and the next halving occurred when the Bitcoin block height reached 420,000 by adding 210,000 more Bitcoin blocks (210,000 + 210,000).

Similarly, the fourth Bitcoin halving will occur only when the blockchain's block height reaches 840,000. Many websites, including Flitpay, display a Bitcoin halving countdown clock to keep track in real-time. It displays the time remaining until the next halving, along with the current block height and the remaining blocks to be mined before the halving. This allows for real-time tracking of the event.

Since this noteworthy event is just months away, every second counts for Bitcoin enthusiasts, investors and traders. Therefore, the Bitcoin Halving Countdown clock helps them create anticipation and sometimes influences market sentiments due to its potential impact on the supply of Bitcoin.

Factors Affecting the Bitcoin Halving Countdown

Though the Bitcoin halving countdown clock estimates when the next Bitcoin halving will occur, the exact time keeps changing due to multiple factors. Let's discuss these factors to clarify the confusion regarding the Bitcoin halving dates.

Block Time

Block Time of a blockchain refers to the time it takes to mine each block. The standard Bitcoin block time is 10 minutes, meaning it takes 10 minutes for the Bitcoin blockchain to mine one new block. However, the exact amount of time it takes to generate a block in a PoW (Proof-of-work) Bitcoin blockchain varies, depending on the difficulty level set up by it for miners to mint a new block. It also depends on the network traffic and the number of miners on the Bitcoin blockchain. Since the Bitcoin blockchain keeps adjusting this difficulty level after 2016 blocks (2 weeks) to maintain the block time of 10 minutes, the exact time it will take to mine the required blocks to initiate the next Bitcoin halving also keeps fluctuating.

Network Hash Rate

As discussed above, each Bitcoin halving occurs only once 210,000 new blocks are added to the blockchain after the previous halving. However, the generation of a new block in the Bitcoin blockchain also depends on the Bitcoin hash rate, which is the measure of total computational power miners use to solve the cryptographic problem presented by the Bitcoin blockchain. A higher hash rate means that new blocks are added to the blockchain faster, whereas a lower hash rate means miners take longer to mine a new block. This relation affects the rate at which the new block addition on the Bitcoin blockchain advances, and thus, it indirectly affects the next Bitcoin halving date and time. The more miners join the Bitcoin network, the higher the hash rate goes, possibly leading to reaching halving block height milestones sooner.

Market Sentiments

Market sentiments around Bitcoin supply and demand also affect the Bitcoin halving date and time. That's because it influences the participation of miners in Bitcoin mining, which may indirectly affect the Bitcoin hash rate.

The halving might discourage miners from continuing mining operations due to the upcoming reduction in the block reward, and they might quit their mining operations. However, a reduction in Bitcoin supply may also encourage new miners to join the mining race of Bitcoin to earn new Bitcoins. As discussed above, the total miners impact the Bitcoin hash rate, directly correlating with the halving countdown. This way, the market sentiments play a key role in the overall functioning of Bitcoin.

Technical Issues

Any unexpected technical glitch or error in the Bitcoin blockchain ecosystem can delay the Halving countdown. Given the Bitcoin network's 99.98% uptime, this situation seems highly unlikely, but we can not entirely rule out the possibility of a technical issue. Therefore, it's essential to acknowledge the potential for technical problems when considering the accuracy of the countdown.

Will Bitcoin Halving Increase Bitcoin (BTC) Price?

With the Bitcoin Halving date coming closer every day, searches on the effect of Bitcoin halving on Bitcoin prices are also rising. Most analysts expect a significant uptrend in the Bitcoin price post-halving, with reducing supply being the key reason. As per Coinmarketcap, 93.43% of total bitcoins are already in circulation, leaving less than 7% of the supply to be mined. This, combined with the recent launch of Bitcoin spot ETFs in January 2024 by nearly a dozen finance giants in the USA, makes the perfect recipe for a stellar surge in Bitcoin price.

The nine largest Bitcoin spot ETFs in the USA collectively own 177,949 BTC. Moreover, two companies, BlackRock and Fidelity, own nearly 75% of these Bitcoins. These firms have been increasing their Bitcoin holdings since they launched their ETFs, indicating a possible surge in BTC demand post-halving. Thus, a substantial increase in BTC price is likely when the Bitcoin halving of 2024 reduces the supply of new bitcoins with its surging demand.

The historical data on Bitcoin performance indicates that Bitcoin price always experienced an upward trend after halving. After all three Bitcoin halvings, Bitcoin has made a new ATH by the end of the following years. According to analysts, if Bitcoin repeats this behaviour in the next Bitcoin halving in 2024, the effect can be even more pronounced, as the Bitcoin ETFs and BRC-20 tokens have significantly increased Bitcoin demand. Thus, with a drastic reduction in its supply from halving, the BTC price can experience a meteoric rise by the end of 2025.

Well-established financial analysis institutions like Coincodex, Standard Chartered, Fundstrat and Blockstream have already given highly bullish Bitcoin price predictions for 2024, ranging from $120k to $180k.

Before drawing any conclusions, it's crucial to recognize that while Bitcoin's historical performance suggests a strong likelihood of price increases following halving events, past performance does not ensure future results. Therefore, whether Bitcoin's halving will boost its price hinges on numerous factors and remains uncertain, nonetheless, it appears probable that Bitcoin will witness a price surge following the next halving.

Should I Buy Bitcoin Now?

Whether you should buy Bitcoin now depends on factors such as your risk appetite, financial goals, and conviction in Bitcoin.

While many Bitcoin experts have been indicating this pre-halving period as the last chance to get BTC at a cheaper price, many are warning about the possibility of the next Bitcoin halving failing to boost Bitcoin's price. The market is reacting mixed, especially after Bitcoin showed little or no surge after approving the USA's first spot Bitcoin ETFs in January 2024. Many economists consider the lowered Bitcoin price volatility the calm before the storm of a never-seen-before rally.

Undoubtedly, the past few years have been unexpectedly good for Bitcoin adoption. Financial giants, countries and various international brands have shown immense interest in Bitcoin and its underlying technology. It has also led to an increase in Bitcoin demand. Furthermore, the fact that international conferences such as the G-20 and Token2049 discuss crypto regulations is promising for Bitcoin. Once these regulations are implemented, Bitcoin is likely to gain legitimacy. However, high crypto taxes in some countries and bans on crypto in others may hinder the adoption of digital currencies, including Bitcoin.

As per Ali's recent tweet, a technical crypto analyst, Bitcoin is witnessing one of the most important accumulation streaks. He said it is a sign that large entities are accumulating BTC, indicating their strong confidence in the market.

In another tweet, Ali warned about post-halving Bitcoin price corrections ranging between 30% and 7% within a month. However, he also shared that Bitcoin had experienced significant post-halving rallies when it made 3 to 4-digit gains. Thus, we can expect a month-long dip in Bitcoin's price after halving. However, the possible long-term trajectory of the coin remains highly bullish.

Thus, if you are considering a long-term perspective on this crypto's price, this is a good time to buy Bitcoin, as the halving countdown can begin soon. If you are looking for an intraday or short-term investment opportunity, there may be a better time than the current time.

FAQs

Will BTC rise again?

Indeed, Bitcoin has a high potential to rise again due to its strong fundamental value proposition as a decentralized currency, extremely limited supply and growing mainstream adoption. Additionally, developments like Bitcoin Ordinals, BRC-20 tokens, and SRC-20 tokens may increase their price and popularity. While short-term volatility is inevitable, Bitcoin's resilience, established track record, and growing ecosystem suggest it is well-positioned for future appreciation. Thus, investing in Bitcoin can be viewed as a prudent strategy for potential long-term gains in the digital asset market.

Is BTC bullish or bearish?

Bitcoin has had an average annual return of 1,576% from 2010 to 2022, while its total return in the same period is 18,912%. This staggering performance underscores Bitcoin's status as an exceptionally bullish asset since its inception. In 2023, Forbes also declared it the best asset class of the year, further establishing its bullish front among other assets. This upward trajectory reflects Bitcoin's resilience, growing adoption, and perceived store of value characteristics. Despite occasional market corrections, Bitcoin's long-term outlook remains bullish, suggesting continued growth and potential investing opportunities.

What is BTC halving?

BTC halving, or Bitcoin halving, is a technical event associated with Bitcoin. It occurs every four years and reduces the Bitcoin mining reward to half for establishing a bullish dynamic between Bitcoin demand and supply. The first BTC halving occurred in 2012 when the Bitcoin mining reward was reduced to 25 BTC from 50 BTC. So far, the rest of BTC halvings have been completed in 2016 and 2020. Such BTC halvings often result in a bullish year for Bitcoin when it makes a new ATH, along with many other cryptocurrencies. The next Bitcoin halving will take place in April 2024. You can get real-time updates through a suitable Bitcoin halving countdown clock.>

What will Bitcoin be worth in 2025?

According to our Bitcoin price prediction 2025, Bitcoin's price in 2025 can reach a maximum of $ 120,765 and a minimum of $85,895. However, the crypto market is highly volatile and risky, so we advise you to research before investing in Bitcoin or other cryptocurrencies.

How much will 1 Bitcoin be worth in 2030?

Per our analysis and research, one Bitcoin may be worth between $4,67,212 and $776,852 in 2030.

Will Bitcoin boom in 2024?

Whether Bitcoin will boom in 2024 depends on market sentiments, adoption of Bitcoin, upcoming crypto regulations, and halving Bitcoin. However, most market researchers predict a possible boom in Bitcoin prices by the end of 2024, which can continue in 2025. If that is true, Bitcoin's price may cross the $100k mark by the end of 2024.

Will Bitcoin go back up to $60k?

Predicting whether Bitcoin will return to $60k with surety is tricky, as it depends on market sentiment, adoption rates, regulatory developments, and macroeconomic trends. Bitcoin's price is volatile and subject to sudden fluctuations. While historical data and trends may allow Bitcoin to reach beyond $60k in the upcoming months, they do not guarantee future performance. It's essential to conduct thorough research and consider risk tolerance before making investment decisions. Since some analysts remain bullish on Bitcoin's long-term prospects and others caution about potential risks and uncertainties, whether Bitcoin reaches $60k again cannot be predicted definitively.

Is it a good time to invest in Bitcoin?

Whether it is a good time to invest in Bitcoin depends on your financial goal. If you are looking for a long-term investment in a potential asset class that differs from traditional investments, it is a good time to buy Bitcoin, given that it is currently 37.6% down from its ATH of $69k. However, due to this asset's short-term uncertainty and volatility, there might be better times to invest in it for quick gains.