The Bitcoin network has reached 62% of its current halving cycle, with the next halving expected in April 2028 at block 1,050,000. This event will reduce the block reward from 3.125 BTC to 1.5625 BTC. Currently, the network is at block 970,344, which is 79,656 blocks away from the target.
Bitcoin is currently trading near $83,100, which is 34% below the October 2025 peak of over $125,000 and 44% above the July low of $57,800. Today marks day 900 since the April 2024 halving, a milestone that historically aligns with market bottoms.
Analyst Jesse Olson noted that in previous cycles, price tops occurred before day 550, while bottoms typically formed near or before day 900. The current cycle follows this pattern, with the peak occurring on day 534. However, historical data shows that some cycles experienced a final price drop after the 62% mark.
Market analysts remain cautious, noting that in 2018, Bitcoin experienced a significant decline after reaching the 62% progress point. Additionally, past cycles often saw retests of downtrend lines after initial breakouts. Current data shows a 54% drawdown, which is less severe than the 77% drops seen in previous bear markets.
