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The clock is ticking BitcoinTotal supply. According to Bitcoin historian Pete Rizzo, there are now officially less than 1.2 million Bitcoins left to be mined. RizzoThe 'S' note highlights Bitcoin's defining characteristic - its scarcity, a key factor in its value proposition. As supply dwindles, the potential for increased demand may cause its price to rise.
Bitcoin has a maximum total supply of 21 million coins, a design by its pseudonymous creator, Satoshi Nakamoto. With 19.8 million Bitcoins already mined, the remaining 1.2 million represent less than 6% of the total supply.
The Bitcoin halving event, which occurs every four years, reduces the already limited supply even further. During the halving period, the reward for mining new blocks is reduced by half, slowing the rate at which new bitcoins enter circulation.
The next Bitcoin halving is expected to occur on April 17, 2028, at a block height of 1,050,000. When this happens, the Bitcoin block reward will be reduced to 1.5625. The final Bitcoin halving occurred on April 20, 2024, at block high 840,000, with the Bitcoin block reward halving from 6.25 to 3.125.
With less than 1.2 million Bitcoins left to mine, experts predict that the last Bitcoin will be mined around the year 2140, based on the current pace of block production and the halving schedule. This long-term horizon ensures that bitcoin's scarcity will remain a defining characteristic for decades to come.
What's next for Bitcoin price?
according to CryptoquantCoinbase Premium fell to -0.221%, the fifth time since late May. This decline indicates less buying pressure from US investors compared to Binance investors.
However, in the past, this trend only lasted during bull markets, attracting new buyers who saw it as an opportunity.
Recent on-chain data, according to CryptoQuant, also reveals an interesting trend: Although large amounts of Tether (USDT) are leaving exchanges, a significant influx of Bitcoin (BTC) Exchange entry detected. Moreover, despite the recent significant price decline, spot markets are seeing continued selling pressure.
This confluence of reasons suggests that the price of Bitcoin may fall further in the near term. However, from a macroeconomic perspective, there does not appear to be a catalyst for a sustained downtrend after this short-term correction.
At the time of writing, Bitcoin was trading at $94,856.
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