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Bitcoin Halving Dates and the Bitcoin Cycle: Past, Present and 2028
By the SecureShift Team · Updated November 13, 2026
Disclosure: SecureShift offers non-custodial BTC swaps. Past cycles don't guarantee future results; dates for future halvings are estimates. Educational content, not financial advice.
Quick answer
Bitcoin's block reward halves every 210,000 blocks (about four years). Halvings so far: Nov 28, 2012 (50→25 BTC), Jul 9, 2016 (25→12.5), May 11, 2020 (12.5→6.25) and Apr 19–20, 2024 (6.25→3.125). The next halving is at block 1,050,000, expected around April 2028, cutting the reward to 1.5625 BTC. Historically, price peaked roughly 12–18 months after each halving, then fell 75–85%; the 2024 cycle peaked near $126K in October 2025, with a much shallower pullback so far.
In this guide
What is the Bitcoin halving?
Bitcoin's code issues new coins to miners as a block reward. Every 210,000 blocks, that reward is cut in half. Because blocks arrive roughly every 10 minutes, this happens about every four years. The halving continues until around the year 2140, when the 21 million coin cap is reached.
The effect: new supply entering the market drops by 50% overnight, while demand doesn't automatically change.
All Bitcoin halving dates
| # | Date | Block height | Reward before → after | Price at halving (approx.) |
|---|---|---|---|---|
| — | Jan 3, 2009 (genesis) | 0 | 50 BTC | — |
| 1 | Nov 28, 2012 | 210,000 | 50 → 25 | ~$12 |
| 2 | Jul 9, 2016 | 420,000 | 25 → 12.5 | ~$650 |
| 3 | May 11, 2020 | 630,000 | 12.5 → 6.25 | ~$8,600 |
| 4 | Apr 19–20, 2024 | 840,000 | 6.25 → 3.125 | ~$64,000 |
| 5 | ~April 2028 (est.) | 1,050,000 | 3.125 → 1.5625 | — |
| 6 | ~2032 (est.) | 1,260,000 | 1.5625 → 0.78125 | — |
The exact 2028 date depends on block times. Countdown sites estimate it from the current hash rate.
The four-year Bitcoin cycle
| Cycle | Halving | Cycle peak | Peak timing after halving | Bear market low | Drawdown |
|---|---|---|---|---|---|
| 2012–2016 | Nov 2012 | ~$1,150 (Dec 2013) | ~12 months | ~$170 (2015) | ~-85% |
| 2016–2020 | Jul 2016 | ~$19,700 (Dec 2017) | ~17 months | ~$3,200 (Dec 2018) | ~-84% |
| 2020–2024 | May 2020 | ~$69,000 (Nov 2021) | ~18 months | ~$15,500 (Nov 2022) | ~-77% |
| 2024–2028 | Apr 2024 | ~$126,000 (Oct 2025) | ~18 months | ? | ~-43% so far (BTC ~$71K, Nov 2026) |
The textbook cycle has four phases: accumulation after the bear-market low, pre-halving rally, post-halving bull market and a bear market that wipes out most of the gains.
Is the cycle changing?
Several things make the 2024–2028 cycle different:
- Spot Bitcoin ETFs (approved in the US in January 2024) brought steady institutional demand.
- Corporate treasuries like Strategy hold hundreds of thousands of BTC.
- The halving matters less each time: the 2024 cut removed about 450 BTC/day of issuance, a small number against daily trading volume.
- Macro and rates now drive price as much as supply shocks.
So far this cycle's drawdown has been far shallower than the historic 75–85%. Whether that means "the cycle is dead" or simply that the bear market isn't over is the big debate.
What the halving means for miners
Each halving cuts miner revenue in half overnight unless price rises. Less efficient miners shut off, hash rate can dip temporarily, and fees become a larger share of income. Many public miners diversified into AI/HPC data center hosting during 2024–2026 to offset lower block rewards.
SecureShift
Ready to move between chains without an account? Swap on SecureShift (no account, non-custodial) or trade on the SecureShift DEX.
FAQ
When is the next Bitcoin halving?
At block 1,050,000, expected around April 2028.
What will the block reward be after 2028?
1.5625 BTC per block.
How many Bitcoin halvings will there be?
About 33 in total, until the reward becomes too small to divide, around 2140.
Does price always go up after a halving?
Every halving so far has been followed by a new all-time high within about 18 months, but the size of the move has shrunk each cycle and past patterns aren't guarantees.
Where can I buy or swap BTC without an account?
You can swap ETH, USDT, XMR and other coins to BTC non-custodially on SecureShift.
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