The upcoming halving could push Bitcoin to new all-time highs

Bitcoin is only 117 days away from a block rewards reduction event that affects the number of tokens that can be generated every 10 minutes.

Bitcoin goes through a fixed process known as the halving every time 210,000 BTC blocks are mined.

Around May 12, 2020, at exactly block 630,000, miners who are currently being awarded 12.5 new BTC for every block they solve will only be rewarded with 6.25 BTC per block.

To date, there have only been two halving events since Bitcoin was launched on Jan. 3, 2009.

On Nov. 28, 2012, Bitcoin went through its first halving, at a block height of 210,000.

By the time the event concluded on Nov. 28, 2012, BTC was trading around $12. From that point, Bitcoin skyrocketed over 97x peaking at an all-time high of $1,177 on Nov. 30, 2013.The 2016 Halving.

On Jan. 14, 2015, Bitcoin hit a market bottom at a price of $164 following the 2014 bear market.

After the pioneer cryptocurrency went through its second halving on July 9, 2016, it entered a parabolic advance that saw its price increase by 29x. Bitcoin hit an all-time high of $19,765 on Dec. 17, 2017.History Repeats Itself.

Along the same lines, some of the most prominent technical analysts in the crypto community affirm that Bitcoin entered a new bull market last week.

It remains to be seen whether history will repeat itself and the upcoming halving will trigger an inflow of capital in the market that allows BTC to reach new all-time highs.