The next Bitcoin halving is now 50% complete

The next Bitcoin (BTC) halving is slowly approaching, with the event now roughly halfway into its current cycle.

Specifically, the halving is expected to occur in mid-April 2028, at the block height of 1,050,000. As of the time of writing, there are only 105,000 blocks left before the halving is 50% complete, as evidenced by the latest Bitcoin Archive calculations.

Bitcoin halvings occur approximately every four years and are designed to cut the block reward in half. As a result, the rate at which new coins enter circulation is reduced. 

Currently, miners receive 3.125 BTC per block. Once the halving is completed, the number will fall to roughly 1.562 BTC.

In practical terms, this will reduce daily Bitcoin issuance from about 450 BTC to approximately 225 BTC, tightening supply and reinforcing the asset’s ‘digital gold’ narrative.

The effects of Bitcoin halving

Previous halvings in 2012, 2016, 2020, and 2024 have preceded major bull runs, as reduced supply met sustained or rising demand. 

However, past success is never a sure sign of future rallies, especially as the market conditions have evolved significantly, with institutional participation now playing a much larger role in shaping price dynamics. 

At the same time, the halving presents challenges for miners. That is, lower rewards can pressure profitability, potentially leading to industry consolidation and a greater reliance on transaction fees.

Bitcoin price action

Over the past 24 hours, Bitcoin has risen around 5%, now trading around $74,400 as a wave of short liquidations fueled a sharp upside move.

The rally was primarily driven by a sudden geopolitical escalation between the U.S. and Iran, which sparked a cascade of forced buybacks across derivatives markets. 

Indeed, Bitcoin climbed from a low near $70,740 to highs above $74,900, with nearly $225 million in BTC positions liquidated within 24 hours, a surge of more than 500% compared to the day before.

Beyond the short squeeze, institutional demand provided a strong underlying bid. U.S. spot Bitcoin ETFs recorded approximately $786 million in net inflows last week, signaling renewed interest from large investors.

From a technical perspective, the cryptocurrency is now testing the upper boundary of a multi-month trading range, with immediate resistance near the recent swing high of $75,988.

Featured image via Shutterstock