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Bitcoin Halving Progress Chart Explained
What is the Bitcoin Halving?
The Bitcoin halving is a predetermined event that occurs every 210,000 blocks (roughly every four years) and reduces the block reward by half. This means that the number of new bitcoins created every 10 minutes is cut in half. The halving is designed to control the supply of bitcoin and prevent inflation.
How does the Halving Affect Bitcoin's Price?
The halving has a significant impact on Bitcoin's price. In the past, Bitcoin's price has increased significantly in the months leading up to the halving and then continued to rise for several months after the halving. This is because the halving reduces the supply of new bitcoins, which in turn increases demand and drives up the price.
What is the Halving Price Regression (HPR)?
The Halving Price Regression (HPR) is a non-linear regression curve that is used to predict the price of Bitcoin after a halving. The HPR is based on the assumption that the price of Bitcoin will follow a similar pattern after each halving. The HPR has been remarkably accurate in predicting the price of Bitcoin after the past two halvings.
What is the Next Halving?
The next halving is expected to occur on April 19-20, 2024. The block reward will be reduced from 6.25 BTC to 3.125 BTC per block. This will be the fourth halving in Bitcoin's history.
What can we expect from the Next Halving?
The upcoming halving is likely to have a significant impact on Bitcoin's price. The HPR predicts that the price of Bitcoin will reach $100,000 by the end of 2024. However, it is important to note that the HPR is not a perfect predictor and the price of Bitcoin could vary significantly from the HPR's prediction.
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