Bitcoin halving is one of the most significant events to monitor in the crypto market. It reduces the supply of Bitcoin coins in circulation even as the demand remains steady. For instance, in May 2020, the number of BTC entering circulation every 10 minutes as block rewards reduced from 12.5 to 6.25, effectively cutting down the supply of Bitcoins in the market.
The process occurs after every 210,000 blocks, which works out to a timeline of around four years. Estimates suggest that the next bitcoin halving date could happen sometime in 2024. BTC price tends to rise as the time for bitcoin halving approaches as it results in a drop in its minting rate.