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The clock is ticking on Bitcoin's total supply. According to Bitcoin historian Pete Rizzo, there are now officially less than 1.2 million BTC left to be mined. Rizzo’s observation highlights Bitcoin's defining feature — its scarcity, which is a key factor in its value proposition. As the supply dwindles, the potential for increased demand could drive its price higher.

Bitcoin's total supply is capped at 21 million coins, a design set by its pseudonymous creator, Satoshi Nakamoto. With 19.8 million BTC already mined, the remaining 1.2 million represents less than 6% of the total supply.

The Bitcoin halving event, which occurs every four years, reduces the already limited supply even more. During a halving, the reward for mining new blocks is reduced by half, slowing the rate at which new Bitcoins enter circulation.

The next Bitcoin halving is projected to occur on April 17, 2028, at a block height of 1,050,000. When this happens, the Bitcoin block reward will be slashed to 1.5625. The last Bitcoin halving occurred on April 20, 2024, at block height 840,000, with the Bitcoin block reward halved from 6.25 to 3.125.

With less than 1.2 million BTC left to mine, experts predict that the last Bitcoin will be mined around 2140, based on the current pace of block production and the halving schedule. This long-term horizon guarantees that Bitcoin's scarcity will remain a distinguishing quality for decades to come.

What's next for Bitcoin price?

According to CryptoQuant, the Coinbase Premium indicator has plummeted to -0.221%, marking the fifth time since late May. This drop indicates reduced buying pressure from U.S. investors compared to Binance investors.

However, in the past, this tendency has only lasted during bull markets, attracting new buyers who saw it as an opportunity.

Recent on-chain data, according to CryptoQuant, also reveals an interesting trend: although considerable amounts of Tether (USDT) are leaving exchanges, a large inflow of Bitcoin (BTC) has been detected entering exchanges. Furthermore, despite the recent dramatic price decline, spot markets are experiencing continued selling pressure.

This confluence of reasons suggests that Bitcoin's price could fall further in the immediate term. However, from a macroeconomic standpoint, there does not appear to be a catalyst for a sustained bearish trend following this short-term correction.

At the time of writing, Bitcoin was trading at $94,856.