Bitcoin Halving Progress Hits 61% as Price Run-Up Expectations Grow

The next Bitcoin halving event is steadily approaching, with progress toward it now at 61%. According to on-chain and cycle analyst Root, who shared an update on X, this milestone marks a significant step towards the next reduction in miner rewards. The last halving occurred in April 2024, when the reward was reduced from 6.25 BTC to 3.125 BTC.

The estimated date for the next Bitcoin halving is April 13, 2028, with approximately 109,012 blocks remaining until this event. This development has sparked expectations of a price run-up ahead of the next halving, as reported by Coinbase CEO Brian Armstrong. He believes that 'And we tend to see run-ups in advance of that,' referring to the potential increase in Bitcoin's value.

Bitcoin's recent performance has been positive, with a 0.86% gain over the last 24 hours, trading at $86,099 according to CoinMarketCap. Additionally, it has reclaimed its long-term moving averages after approximately 300 days beneath them. This dynamic is seen as a positive milestone and maintaining above these levels is crucial for a long-term uptrend.