- There are less than 2.1 million BTC left to be mined.
- The last Bitcoin is expected to be mined in 2140.
- Analysts believe that the scarcity could propel BTC price to reach six figures.
Bitcoin has recently reached a massive milestone, as miners have minted over 18.9 million BTC into supply, accounting for 90% of the 21 million maximum supply in the network.
90% of all Bitcoin have been created
Less than 10% of the entire Bitcoin maximum supply now remains, and analysts are expecting the leading cryptocurrency’s scarcity to influence a supply shock which could propel BTC price higher.
As the adoption of Bitcoin and other cryptocurrencies are on the rise, analysts are predicting that the long-term price outlook for BTC will reach over six figures.
As miners continue to mint new coins, the number of new Bitcoins entering into supply have steadily increased, reaching past the 18.9 million mark, resulting in 90% of all BTC to have been created and released into supply.
After reaching this threshold, only 2.1 million BTC, or roughly 10% of the total 21 million Bitcoin remains to be mined. Additionally, there are estimates of three to five million Bitcoin that have not moved in the past decade, and a large portion could be permanently lost.
The current block reward for miners is 6.25 BTC per block, and the rewards will decrease to half of the amount per block post-halving. Given the current rate of 900 BTC mined per day and 210,000 blocks are needed for every halving, the next reward halving is expected to be in May 2024.
The current Bitcoin inflation rate fluctuates between 1.75% to 1.88% and after the halving event, the inflation rate is estimated to be around 1.10%. Until 2030, there will be two sizeable Bitcoin block reward halvings, after then, the rewards will be fractions of BTC.
The inflation rate is expected to be around 0.50% by 2030, and 98.02% of all Bitcoin supply will be expected to be mined. The last BTC is expected to be mined in the year 2140.
Given that Bitcoin hashrate surging to all-time highs, the network has accelerated the timeframe between halvings, as the daily issuance rate has rapidly increased than previously estimated.
Bitcoin halvings occur every four years, allowing fewer coins to enter into supply, making the leading cryptocurrency scarce which increases demand.
Marcus Soitiriou, analyst at GlobalBlock suggested that Bitcoin’s scarcity will lead to supply shock for BTC to overtake gold’s market capitalization over the next ten years, which stands at around $10 trillion. He estimates the bellwether cryptocurrency’s price to rise to $500,000 in the future.
Bitcoin price awaits 12% ascent
Bitcoin price has formed a falling wedge pattern on the 4-hour chart, indicating hope for the bulls. BTC has bounced off of the descending support trend line that forms the lower boundary of the governing technical pattern at $45,654. The leading cryptocurrency is now ready for a recovery.
The first line of resistance may appear at the 21 four-hour Simple Moving Average (SMA), coinciding with the 38.2% Fibonacci retracement level at $48,501. Additional headwind may appear at the 50 four-hour SMA at $49,057. A break above the upper boundary of the falling wedge could put a 12% climb on the radar toward $55,435.
BTC/USDT 4-hour chart
If selling pressure increases, Bitcoin price will discover immediate support at the December 4 low at $46,131, before dropping toward the lower boundary of the prevailing chart pattern at $45,654.
