Bitcoin Halving Countdown 2024: $200k Price Target?

Bitcoin halving reduces the rate of new Bitcoin generation and hence, it lowers the supply of the token. Thus, increased demands and decreased supply result in increased prices of the token.

  • The next Bitcoin halving is expected to occur in April 2024.
  • After the next halving, the block reward will be 3.125 bitcoins.
  • The final Bitcoin halving is expected to occur in 2140.

What is Bitcoin Halving?

Bitcoin halving is an event where the miners’ block rewards are reduced in half. Thus, Bitcoin halving tends to lower the rate of Bitcoin generation.

Bitcoin halving occurs every four years or after every 210,000 blocks till the maximum supply is generated by the Bitcoin network.

Now, let’s discuss the reason behind the Bitcoin halving. As we know conventional currencies allow the banks to print more money and hence, cause inflation. Whereas in the case of BTC, it has a maximum supply of 21,000,000 coins. It means that no more than 21 million BTC can be generated and hence, its value should increase with the increased demand and decreased supply.

Thus, Bitcoin halving is a way to make BTC a “digital gold” because of its limited supply.

Bitcoin Halving History

After the launch of Bitcoin in 2009, a total of three halving events occurred. The first Bitcoin halving event occurred in 2012 when the block reward was reduced to 25 BTC. Note that the initial block reward was 50 BTC (during the launch of Bitcoin).

The second Bitcoin halving event occurred in 2016 when the block rewards were reduced to 12.5 BTC and the latest Bitcoin halving was completed in 2016 when the block rewards got reduced to 6.25 BTC.

When is the next Bitcoin Halving?

The upcoming Bitcoin halving is scheduled to occur in April 2024. After the successful Bitcoin halving in 2024, the block reward will be reduced to 3.125 BTC.

Bitcoin Halving Dates

Bitcoin halving datesBlock reward (in BTC)
8th January 200950
28th November 201225
9th July 201612.5
11th May 20206.25
April 20243.125

As we discussed Bitcoin halving is scheduled to occur after every 210,000 blocks and is expected to occur once every 4 years till its maximum supply is reached. Therefore, the last Bitcoin mining is expected to be completed by the year 2140.

How many Bitcoins have been mined?

As of now, nearly 19,293,700 BTC has been mined which is around 92% of its maximum supply of 21,000,000 tokens.

Where can you participate in Bitcoin halving 2024?

As we discussed the Bitcoin halving event takes place once every 210,000 blocks are mined on the Bitcoin network. Thus, users can actually participate in the halving event by taking part in Bitcoin mining.

Following are the three simple steps to participate in Bitcoin mining:

  • The first step is to get Bitcoin mining hardware.
  • The second step is to join a mining pool and download the Bitcoin mining software.
  • The next step is to create a Bitcoin wallet and start mining by running a double SHA256 hash function verification process.

Once Bitcoin mining is done and new Bitcoins are released in circulation, users can start to trade the coins using a crypto exchange platform such as

Current Bitcoin block reward

As we know the miners get rewards for generating new blocks to the Bitcoin network. Also, Bitcoin halving reduces the number of BTC rewards by 50% for the miners to verify transactions.

We have also discussed already that Bitcoin’s block reward, in the beginning, was 50 BTC. After three successful Bitcoin halving Bitcoin’s block reward now is 6.25 BTC and it will be halved to 3.125 BTC once the upcoming Bitcoin halving is done in 2024.

Bitcoin Halving and its Impact on Price

Binance CEO Predicts Bitcoin to Reach New Highs Following 2024 Halving

Risks of Minting

One of the biggest and least discussed risks of Cryptocurrencies is the minting of new tokens. In theory, printing millions of new coins could have a deflationary effect on the price of cryptocurrencies. When new tokens are launched, investors often lay down a detailed plan of how many tokens have been released, how many have been held back, and how many more will be minted. If founders keep printing unlimited numbers of Tokens, the price of the Token is highly likely to crash and reduce in value. Often, too many tokens are released at the very outset, and on realizing the same, communities and administrators decide to institute burn programs to reduce the tokens in circulation and drive up the price (for example: Luna classic and Shiba Inu)

The creators of Bitcoin understood this risk early and created a well-defined process called halving. This is a code built into the Bitcoin protocol that reduces the rate at which new bitcoins are created. In a fixed cycle (210k blocks, 4 years), the reward that miners receive for verifying stocks is cut by half. Halving events occurred in 2012, 2016, and 2020 and will again occur in 2024. Numerous influencers propose that such events influence Bitcoin price but it is unclear by how much. Often such halving events occur along with numerous other factors and therefore it is difficult to correlate Bitcoin price movements to halving events.

Bitcoin halving effect on BTC’s price: How high could Bitcoin go?

Bitcoin’s all-time high price was $67,550 which it achieved in November 2021 and it took BTC 20 months to reach that all-time high from its lowest price of $6,675 in March 2020. meanwhile, its price grew by nearly 10.12 times.

Thus, considering this 0.506 times growth in one month, we can safely say that BTC’s price can grow as high as 30.36 times in the next 5 years. Thus, it can be expected to reach a price of $724,875 in the next five years.

Bitcoin halving plays a major role in preserving its value, as discussed earlier.

However, considering the current liquidity situation and other macroeconomic factors, it is highly unlikely for BTC to grow at a similar growth rate as it did in 2021. Therefore, we can not expect Bitcoin to reach that value in the calculated time. However, Bitcoin’s halving will certainly help increase its price in the coming future.

Other Expert Summaries

Where can you buy Bitcoin with Credit and Debit cards?

There is a website, namely, from where users can purchase Bitcoin using their credit and debit cards.

Also Read: Bitcoin Price Prediction

~Charu Taneja

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.