The last bitcoin halving took place on April 20, 2024, at block 840,000, when the block reward fell from 6.25 to 3.125 BTC; the earlier halvings were on November 28, 2012, July 9, 2016 and May 11, 2020 [1][2][3]. On October 19, 2026, 912 days after the 2024 halving, bitcoin (BTC) closed at $81,854 in DataPorium's daily data, about 26% above the halving-day price of $64,906 in the Coinbase series [1][4]. In the last three cycles, the price top came an average of 535 days, or about 17.6 months, after the halving: December 2017, November 2021 and October 2025 [4].
When were the bitcoin halvings? Dates and history
Bitcoin's software cuts the reward paid to miners in half every 210,000 blocks, roughly every four years [2]. The table lists every halving since the network started in January 2009 [2][3].
| Event | Date | Block height | Reward per block after | Price on the day | Days to cycle top |
|---|---|---|---|---|---|
| Network launch | January 3, 2009 | 0 | 50 BTC | no market price | n/a |
| First halving | November 28, 2012 | 210,000 | 25 BTC | $12.20 | no daily data in the series used here |
| Second halving | July 9, 2016 | 420,000 | 12.5 BTC | $658 | 525 (December 16, 2017) |
| Third halving | May 11, 2020 | 630,000 | 6.25 BTC | $8,557 | 546 (November 8, 2021) |
| Fourth halving | April 20, 2024 | 840,000 | 3.125 BTC | $64,906 | 533 (October 5, 2025) |
| Fifth halving (expected) | around April 2028 | 1,050,000 | 1.5625 BTC | n/a | n/a |
Source: block heights, rewards and dates from CoinGecko and CoinMarketCap [2][3]; the 2012 price from CoinMarketCap [3]; the 2016, 2020 and 2024 prices and peak dates from the Coinbase series on FRED, with DataPorium calculations of the day counts [4].
CoinMarketCap puts the 2016 and 2020 halving-day prices at $640.56 and $8,605 [3]. The small gaps against the Coinbase figures come from different exchanges and different daily cutoffs. In September 2026, CoinGecko's countdown estimated the fifth halving for around April 17, 2028; the exact day depends on how fast blocks are mined [2].
What is a bitcoin halving and why do cycles follow it?
A halving is a scheduled cut in the number of new bitcoins created with each block. The reward started at 50 BTC and has fallen to 3.125 BTC after four halvings [2][3]. The supply of bitcoin is capped at 21 million coins, so each halving slows the flow of new coins to the market. The 2024 halving cut new issuance from about 900 to about 450 BTC a day.
The cycle theory holds that a sudden drop in new supply, against steady or rising demand, lifts prices over the following year or two. Speculation then overshoots and unwinds. The theory rests on only three cycles with daily price data, which is a small sample.
What happened in the 12 to 18 months after each halving?
| Halving | Price on halving day | 6 months later | 12 months later | 18 months later | Peak within 18 months |
|---|---|---|---|---|---|
| July 9, 2016 | $658 | $903 (+37%) | $2,509 (+282%) | $14,481 (+2,102%) | $19,650 on Dec 16, 2017 (+2,888%) |
| May 11, 2020 | $8,557 | $15,724 (+84%) | $56,719 (+563%) | $64,794 (+657%) | $67,510 on Nov 8, 2021 (+689%) |
| April 20, 2024 | $64,906 | $67,346 (+4%) | $87,522 (+35%) | $108,362 (+67%) | $124,720 on Oct 5, 2025 (+92%) |
Source: FRED series CBBTCUSD (Coinbase), DataPorium calculations [4].
Three regularities appear. First, the 12 months after a halving were positive in all three cycles with daily data, but the gain shrank from 282% to 563% to 35% [4]. Second, the cycle top came 17 to 18 months after the halving each time [4]. Third, the first six months were modest: +37%, +84% and +4%, with dips to $537 in August 2016 and to $53,930 in September 2024 before the larger moves began [4].
Why the 2024 cycle was the weakest
Diminishing returns are the simplest explanation. The 2024 cut took annual issuance from roughly 1.7% to roughly 0.85% of the existing supply, so the supply shock was smaller in relative terms than in 2016 or 2020. The price had also moved early. Bitcoin rose 130% in the 12 months before the 2024 halving, compared with 144% before 2016 and 19% before 2020 [4]. US spot bitcoin ETFs launched in the months before the halving and brought demand forward. The result was a peak gain of 92%, against 689% and 2,888% in the two prior cycles [4].
How many days from a halving to the cycle top?
The average time from halving to cycle top in the last three cycles was 535 days, or about 17.6 months. The range was narrow, from 525 to 546 days [4]. The declines that followed were long and deep, though each one was smaller than the last.
| Cycle | Days from halving to top | Top (Coinbase series) | Low after the top | Decline | Days from top to low |
|---|---|---|---|---|---|
| 2016 | 525 | $19,650, Dec 16, 2017 | $3,183, Dec 15, 2018 | -84% | 364 |
| 2020 | 546 | $67,510, Nov 8, 2021 | $15,756, Nov 21, 2022 | -76.7% | 378 |
| 2024 | 533 | $124,720, Oct 5, 2025 | $58,586, Jun 30, 2026 (low so far) | -53.0% | 268 |
Source: FRED series CBBTCUSD (Coinbase), DataPorium calculations of the day counts [4].
In DataPorium's own daily series, the 2024-cycle record close was $124,753 on October 6, 2025, one day later than in the Coinbase series [5]. The June 30, 2026 close of $58,559 is also the lowest in DataPorium's newest 250 daily bars, which run from February 13 to October 20, 2026 [1].
Where is bitcoin now, 30 months after the 2024 halving?
Bitcoin closed at $81,854 on October 19, 2026, 912 days after the April 20, 2024 halving [1]. That is about 26% above the $64,906 halving-day price in the Coinbase series and about 34% below the $124,753 record close in DataPorium's data [1][4][5]. On April 20, 2026, the second anniversary of the halving, it closed at $75,873, about 17% above the halving-day price [1][4].
| Month-end close | BTC-USD | Change in the month |
|---|---|---|
| February 28, 2026 | $66,996 | n/a |
| March 31, 2026 | $68,233 | +1.8% |
| April 30, 2026 | $76,304 | +11.8% |
| May 31, 2026 | $73,580 | -3.6% |
| June 30, 2026 | $58,559 | -20.4% |
| July 31, 2026 | $62,814 | +7.3% |
| August 31, 2026 | $78,549 | +25.1% |
| September 30, 2026 | $83,554 | +6.4% |
| October 19, 2026 | $81,854 | -2.0% (month to date) |
Source: DataPorium crypto prices, BTC-USD daily closes (UTC), February 13 to October 19, 2026 [1].
Our analysis of DataPorium's bitcoin price data shows a 39.8% rise from the June 30, 2026 low of $58,559 to $81,854 on October 19, 2026, while the price stayed about 34% below the October 2025 record [1][5]. The rebound peaked at a close of $86,603 on September 21, 2026, after a 6.7% gain that day [1]. As of October 20, 2026, DataPorium's quote data show a 52-week range of $57,748 to $116,273; the October 2025 record has now rolled out of that window [1]. More on the third quarter is in DataPorium's Q3 2026 bitcoin recap [5].
In cycle terms, months 24 to 30 after a halving were a bear market in 2018 and 2022. In 2026, the same stretch brought a shallower decline and a partial recovery. The 2024 cycle low may or may not be in; the June 30 figure is the low so far, not a confirmed bottom.
What can the halving pattern tell, and what can it not?
Three data points are not a law. The halving dates are fixed and public, so traders can act on them in advance. The shrinking post-halving returns are consistent with that happening [4]. The 17 to 18 month peaks may reflect the halving, or they may reflect global liquidity cycles that happened to line up with it.
Volatility remains the dominant fact. In DataPorium's data, bitcoin's daily returns from February 13 to October 19, 2026 had an annualized volatility of about 39%, and the price fell 20.4% in June 2026 alone [1]. A cycle view that is right on direction can still be wrong on timing by many months. A fixed issuance schedule also does nothing to stabilize demand, and demand drove the 84%, 76.7% and 53.0% declines after the last three tops [4]. The daily history behind these figures is on DataPorium's crypto page [1].
The last three bitcoin halvings were followed by cycle tops an average of 535 days later, but the peak gains shrank from 2,888% to 689% to 92%, and 912 days after the 2024 halving bitcoin was 26% above its halving-day price.
Key takeaways
- Bitcoin halvings took place on November 28, 2012, July 9, 2016, May 11, 2020 and April 20, 2024; the reward is 3.125 BTC and the next cut, to 1.5625 BTC, is expected around April 2028 [2][3].
- Cycle tops came 525, 546 and 533 days after the 2016, 2020 and 2024 halvings, an average of 535 days [4].
- Twelve months after those halvings bitcoin was up 282%, 563% and 35%; declines after the tops were 84%, 76.7% and 53.0% [4].
- Bitcoin closed at $81,854 on October 19, 2026, about 26% above its 2024 halving-day price and about 34% below its October 2025 record close [1][4][5].
- From the June 30, 2026 low of $58,559, bitcoin rose 39.8% to October 19, 2026 [1].
Frequently asked questions
When was the last bitcoin halving?
The last halving was on April 20, 2024, at block 840,000, when the reward fell to 3.125 BTC [2][3]. As of October 19, 2026, 912 days had passed since then [1].
What are the bitcoin halving dates in history?
The four halvings were November 28, 2012, July 9, 2016, May 11, 2020 and April 20, 2024, at blocks 210,000, 420,000, 630,000 and 840,000 [2][3]. The fifth, at block 1,050,000, is expected around April 2028 [2].
What is the average number of days from a bitcoin halving to the cycle top?
In the 2016, 2020 and 2024 cycles, the top came 525, 546 and 533 days after the halving, an average of about 535 days, or 17.6 months [4].
What happened after the 2024 bitcoin halving?
Bitcoin rose 35% in the first 12 months and peaked at $124,720 on October 5, 2025 in the Coinbase series, then fell 53.0% to June 30, 2026 [4]. It closed at $81,854 on October 19, 2026, about 26% above its halving-day price [1][4].