July 29th marked a significant milestone in the world of Bitcoin – it has been 100 days since the latest halving event took place on the Bitcoin blockchain. During this event, the rewards for mining a block were reduced from 6.25 BTC to 3.125 BTC.
Research conducted by ETC Group has shown that the effects of the halving event tend to kick in around the 100-day mark. This event, which occurs every four years or after 210,000 blocks are mined, is designed to reduce the supply of Bitcoin and make it more scarce over time. Unlike fiat currencies that have unlimited supplies, Bitcoin is capped at 21 million.
Looking back at previous halving events in 2012, 2016, and 2020, it is evident that the price of Bitcoin tends to rally significantly after the first 100 days. The data suggests that the performance difference before and after the halving becomes statistically significant around the 100-day mark, with the mean excess performance increasing notably.
Andre Dragosch, head of research at ETC Group, emphasized the importance of the 100-day mark after the halving event. He stated that historically, the performance of Bitcoin has accelerated after this point, with the mean excess performance rising above 100% and eventually reaching four figures.
As we reflect on the past halving events and their impact on the price of Bitcoin, it is clear that the 100th day after the halving is a crucial milestone. It remains to be seen whether history will repeat itself and whether Bitcoin will continue its rally in the coming days and months. The data suggests that the bullish impact of the halving event may just be beginning to take effect.
In conclusion, the 100-day mark after the halving event is a significant moment for Bitcoin and the crypto community. It signifies the beginning of a potential rally in the price of Bitcoin and highlights the importance of the supply reduction that occurs during these quadrennial events. As we look towards the future, all eyes will be on Bitcoin to see how it performs in the months following this important milestone.
