Bitcoin network hits block 800,000 milestone, here’s why it matters

Bitcoin’s (BTC) historic achievement of mining block 800,000 marks a pivotal moment in the leading cryptocurrency’s journey.

This milestone signifies that Satoshi Nakamoto’s Bitcoin has completed 867 million successful transactions since its first block as the network gets closer to its fourth halving event. 

Bitcoin standing the test of time 

Bitcoin (BTC), the pioneering digital currency, has surpassed a significant milestone by mining the 800,000th block.

Block 800,000 signifies 867 million confirmed transactions, averaging 1,084 transactions per block, all securely stored within a compact 497 GB blockchain. 

Bitcoin halving and predictions by experts

The mining of block 800,000 has brought attention to Bitcoin’s upcoming fourth halving event.

The halving process gradually reduces the rate at which new BTCs are issued, further fueling Bitcoin’s scarcity and distinguishing it from traditional fiat currencies subject to hyperinflation. This event is set to occur in approximately the next 40,000 blocks or around 9 months.

Various experts have offered diverse predictions for Bitcoin’s future price projection. Earlier this month, Standard Chartered raised its Bitcoin price forecast, projecting the digital asset to reach $120,000 by the end of 2024.

On the other hand, venture capitalist Tim Draper remains optimistic about Bitcoin’s bullish potential, envisioning a price of $250,000 for the digital asset by June 2025 after initially predicting that milestone will be hit in 2022.

Bitcoin price analysis 

The current price of Bitcoin (BTC) at $29,177 reflects the recent struggles the cryptocurrency has faced in maintaining its position around the $30,000 range. 

This comes after reaching a high of $31,800 on July 13, which was partly driven by the anticipation surrounding Bitcoin ETF filings and Ripple’s partial legal victory over the SEC. 

However, the 2.97% price decline in the last 24 hours and a 3.19% decline in the past seven days indicate a certain level of market uncertainty and potential bearish sentiment. 

The Relative Strength Index (RSI) value on the weekly timeframe at 53.25 suggests that Bitcoin’s price is not strongly overbought or oversold but rather hovering around a neutral zone, indicating a potential equilibrium between buyers and sellers.

As the nearest support on the daily timeframe lies at $28,000, this level may provide a potential floor for further downward movements in the short term. On the other hand, the current resistance at $30,000 is now acting as resistance for bulls attempting to push the price higher. 

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