Bitcoin’s total supply is steadily approaching its limit. According to Bitcoin historian Pete Rizzo, less than 1.2 million BTC remain to be mined, emphasizing Bitcoin’s hallmark feature, which is its scarcity that will play a crucial role in its value. As the available supply decreases, rising demand could potentially drive Bitcoin’s price higher.

Capped at 21 million coins by its creator, Satoshi Nakamoto, Bitcoin’s total supply is now 94% mined, with 19.8 million BTC already in circulation. The remaining supply constitutes less than 6% of the total.

Bitcoin’s scarcity is further reinforced by the halving events, which occur every four years. During each halving, the reward for mining new blocks is reduced by half, slowing the release of new Bitcoins into circulation. The next halving is expected on 17 April 2028, at a block height of 1,050,000, reducing the block reward to 1.5625 BTC. The most recent halving took place on 20 April 2024, lowering the reward from 6.25 BTC to 3.125 BTC.

Experts predict the final Bitcoin will be mined around 2140, based on current mining rates and the halving schedule. This ensures that Bitcoin’s scarcity will remain a key characteristic for decades to come.

What’s Next for Bitcoin’s Price?
CryptoQuant’s Coinbase Premium indicator recently fell to -0.221%, marking its fifth drop since late May. This suggests diminished buying interest from U.S. investors on Coinbase compared to Binance, potentially signalling shifting market dynamics.

Historically, this trend has been observed primarily during bull markets, drawing in new buyers who viewed it as a favourable entry point.

Recent on-chain data from CryptoQuant highlights a noteworthy pattern: while significant amounts of Tether (USDT) are being withdrawn from exchanges, there has been a noticeable inflow of Bitcoin (BTC) into exchange wallets. Additionally, despite Bitcoin’s recent sharp price drop, spot markets are still under selling pressure.

This combination of factors indicates the potential for further short-term price declines. However, from a broader macroeconomic perspective, there seems to be no clear driver for a prolonged bearish trend beyond this temporary correction.

As of now, Bitcoin is trading at $98,047.15.

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