PakGazette: The clock is ticking on total supply. According to Bitcoin historian Pete Rizzo, there are officially less than 1.2 million BTC left to mine. Rizzo’s observation highlights Bitcoin’s defining characteristic: its scarcity, which is a key factor in its value proposition. As supply decreases, the potential for increased demand could drive up its price.
Bitcoin’s total supply is capped at 21 million coins, a design set by its pseudonymous creator, Satoshi Nakamoto. With 19.8 million BTC already mined, the remaining 1.2 million represent less than 6% of the total supply.
The Bitcoin halving event, which occurs every four years, further reduces the already limited supply. During the halving, the reward for mining new blocks is halved, 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 drop to 1.5625. The last Bitcoin halving occurred on April 20, 2024, at a block height of 840,000, and the Bitcoin block reward was halved from 6.25 to 3.125.
With less than 1.2 million BTC left to be mined, experts predict that the last Bitcoin will be mined around 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 distinctive quality for decades to come.
What’s next for Bitcoin price?
According to CryptoQuant, the Coinbase premium indicator (NASDAQ 🙂 has plummeted to -0.221%, the fifth time since the end of May. This drop indicates lower 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 data on the chain, according to CryptoQuant, also reveals an interesting trend: although considerable amounts of (USDT) are leaving exchanges, a large inflow of Bitcoin (BTC) has been detected entering exchanges. Furthermore, despite the recent dramatic price decline, spot markets are experiencing continued selling pressure.
This confluence of reasons suggests that the price of Bitcoin could fall further in the immediate term. However, from a macroeconomic point of view, there does not appear to be a catalyst for a sustained downtrend following this short-term correction.
At the time of writing, Bitcoin was trading at $94,856.
