Bitcoin Halving Cycles Compared
Bitcoin is on day 925 of the cycle that began with the 2024 halving (Apr 20, 2024, $64,994). Its highest close so far is $124,753 on Oct 6, 2025 — 1.92× the halving-day price, 534 days after the halving — and today it is 37.5% below that high. In earlier cycles the highest close came 371 days (2012), 525 days (2016), 546 days (2020) after the halving, at 92.6×, 30.0×, 7.85× the halving price, and was followed by falls of 84%, 83%, 77%.
Daily closes to Nov 1, 2026 · 2012 cycle from Bitstamp
Price after each halving (× the halving-day price, log scale)
Every Halving Cycle
From the lowest close before each halving to the highest close after it, and the fall that followed (current cycle: so far).
| Halving | Price that day | Low before | Highest close after | Days to the high | × halving price | × the low | Fall after the high | On day 925 |
|---|---|---|---|---|---|---|---|---|
| Nov 28, 2012block 210,000 · 25 BTC | $12.22 | $2.24Oct 20, 2011 · 405 days before | $1,132Dec 4, 2013 | 371 | 92.6× | 505.4× | −84%406 days, to Jan 14, 2015 | 18.8× |
| Jul 9, 2016block 420,000 · 12.5 BTC | $651 | $178Jan 14, 2015 · 542 days before | $19,497Dec 16, 2017 | 525 | 30.0× | 109.5× | −83%364 days, to Dec 15, 2018 | 5.53× |
| May 11, 2020block 630,000 · 6.25 BTC | $8,602 | $3,237Dec 15, 2018 · 513 days before | $67,567Nov 8, 2021 | 546 | 7.85× | 20.9× | −77%378 days, to Nov 21, 2022 | 1.88× |
| Apr 20, 2024block 840,000 · 3.125 BTC | $64,994 | $15,787Nov 21, 2022 · 516 days before | $124,753Oct 6, 2025 · so far | 534 | 1.92× | 7.90× | −38%now | 1.20× |
What the cycles have in common
A halving cuts the number of new bitcoin paid to miners in half every 210,000 blocks, about every four years. So far the highest close of each cycle has come 371–546 days after the halving, and each was followed by a fall of 77–84%. Each peak has also been a smaller multiple of its halving price than the one before: 92.6× (2012) → 30.0× (2016) → 7.85× (2020).
With only 4 halvings, these are patterns in a handful of cases, not rules. The current cycle's high so far came at a similar point to the earlier peaks, but there is no way to know from this data whether it was the cycle's top. See also the halving countdown, what happened after each halving and the drawdown from the all-time high.
The same day in every cycle
| Cycle | Date | Price | × halving price |
|---|---|---|---|
| 2012 halving | Jun 11, 2015 | $230 | 18.8× |
| 2016 halving | Jan 20, 2019 | $3,601 | 5.53× |
| 2020 halving | Nov 22, 2022 | $16,190 | 1.88× |
| 2024 halving | Nov 1, 2026 | $77,943 | 1.20× |
Day 925 after each halving.
Bitcoin Halving Cycles: FAQ
How long after a halving did bitcoin peak?
Measured by daily closes: after the 2012 halving, 371 days later on Dec 4, 2013 at $1,132 (92.6× the halving-day price); after the 2016 halving, 525 days later on Dec 16, 2017 at $19,497 (30.0× the halving-day price); after the 2020 halving, 546 days later on Nov 8, 2021 at $67,567 (7.85× the halving-day price). In the current cycle the highest close so far came 534 days after the 2024 halving.
How far did bitcoin fall after each cycle peak?
2012 cycle: 84% to $178 on Jan 14, 2015, 406 days after the peak; 2016 cycle: 83% to $3,237 on Dec 15, 2018, 364 days after the peak; 2020 cycle: 77% to $15,787 on Nov 21, 2022, 378 days after the peak. Those lows came roughly a year to a year and a half before the next halving.
Where is bitcoin in the halving cycle now?
On day 925 of about 1,460: 63% of the way to the next halving, expected around April 2028. The price is 1.20× the halving-day price. On day 925 of the 2012 cycle it was 18.8×. On day 925 of the 2016 cycle it was 5.53×. On day 925 of the 2020 cycle it was 1.88×.
When is the next bitcoin halving?
At block 1,050,000, 75,835 blocks from now — around April 4, 2028 at the recent pace of one block every 9.9 minutes. The reward then falls from 3.125 to 1.5625 BTC. Live countdown: /bitcoin-halving.
Does the four-year cycle always repeat?
Not necessarily. There have only been 4 halvings, which is too few to call it a law. The supply cut is known years ahead, and since 2024 spot ETFs, companies buying bitcoin and interest rates have also moved the price. Each cycle's peak has also been a smaller multiple of its halving price than the one before. This page shows what happened; it is not a forecast or investment advice.
Why is the chart on a log scale?
Because the cycles moved by very different amounts. On a log scale the same distance means the same percentage change, so a doubling looks the same in every cycle. Each line is the price divided by that cycle's halving-day price.
Related: halving countdown · bitcoin supply · all-time high · power law · price history
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For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026bitcoinhalvingcyclescompared, author = {{Corgano}}, title = {Bitcoin Halving Cycles Compared}, howpublished = {\url{https://bitcoinprice.corgano.com/bitcoin-halving-cycles}}, year = {2026}, note = {Corgano Bitcoin Price, accessed 2026-11-01}}