However, based on the average block interval, Glassnode’s best estimate places the halving approximately 100 days away. The Bitcoin halving event is a significant catalyst for the cryptocurrency’s price, a belief grounded in historical patterns where previous halvings coincided with substantial price surges.

During a halving event, the reward for mining Bitcoin blocks is halved, meaning miners will receive only half the current reward for verifying transactions on the Bitcoin blockchain. In this upcoming event, the reward for miners will decrease from 6.25 BTC to 3.125 BTC per block.

At the time of writing, the current price of Bitcoin stands at $42,476, representing a 0.46% decrease in the last 24 hours and a 9.56% decline over the past week. The 24-hour trading volume has also decreased by 15.69%, currently at $20,397,236,945. Despite the current lack of significant price gains, analysts remain optimistic.

With the recent approval of spot Bitcoin ETFs by the U.S. SEC and the upcoming BTC halving event, expectations are growing for increased investment in Bitcoin, potentially sparking a new price rally. The convergence of these factors has heightened anticipation in the cryptocurrency market as stakeholders closely monitor the potential impact on Bitcoin’s value in the coming months.