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<p class="is-style-lead">Bitcoin’s (BTC) historic achievement of mining block 800,000 marks a pivotal moment in the leading cryptocurrency’s journey. </p> 
<p>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.&nbsp;</p> 
<h2 class="wp-block-heading" id="bitcoin-standing-the-test-of-time">Bitcoin standing the test of time&nbsp;</h2> 
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), the pioneering digital currency, has surpassed a significant milestone by mining the 800,000th block. </p> 
<p>Block 800,000 signifies 867 million confirmed transactions, averaging 1,084 transactions per block, all securely stored within a compact 497 GB blockchain.&nbsp;</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="𝟴𝟬𝟬,𝟬𝟬𝟬𝘁𝗵 Bitcoin Block Mined! Only 40000 Blocks (277 Days) Until The Next Halving!" width="1020" height="765" src="https://www.youtube.com/embed/KAQmDH75wcQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p> You might also like: <a href="https://crypto.news/bitcoin-network-activity-hits-a-2-year-high-due-to-nft-activity/" rel="noopener noreferrer nofollow"> Bitcoin network activity hits a 2-year high due to NFT activity </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-halving-and-predictions-by-experts">Bitcoin halving and predictions by experts</h2> 
<p>The mining of block 800,000 has brought attention to Bitcoin’s upcoming fourth halving event.</p> 
<p>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<a href="https://crypto.news/venezuelans-set-bitcoin-trading-record-crumbling-hyperinflation/" rel="noopener noreferrer nofollow"> hyperinflation</a>. This event is set to occur in approximately the next 40,000 blocks or around 9 months.</p> 
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   <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> network just produced block number 800,000.<br><br>800,000 blocks without a central bank. <br><br>800,000 blocks without a government.<br><br>800,000 blocks without a CEO.<br><br>800,000 blocks without asking for permission. <a href="https://t.co/hf8RpC3jlP" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/hf8RpC3jlP</a></p>— Walker⚡️ (@WalkerAmerica) <a href="https://twitter.com/WalkerAmerica/status/1683316154784178178?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 24, 2023</a> 
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<p>Various experts have offered diverse predictions for Bitcoin’s future price projection. Earlier this month, Standard Chartered <a href="https://crypto.news/bitcoin-price-will-hit-120000-in-2024-standard-chartered-believes/" rel="noopener noreferrer nofollow">raised</a> its Bitcoin price forecast, projecting the digital asset to reach $120,000 by the end of 2024.</p> 
<p>On the other hand, venture capitalist <a href="https://crypto.news/tim-draper-founders-should-keep-66-of-payrolls-worth-of-cash-in-bitcoin-and-crypto/" rel="noopener noreferrer nofollow">Tim Draper</a> remains optimistic about Bitcoin’s bullish potential, <a href="https://crypto.news/tim-draper-pushes-bitcoin-price-estimate-to-250k-by-2025" rel="noopener noreferrer nofollow">envisioning a price of $250,000</a> for the digital asset by June 2025 after initially predicting that milestone will be hit in 2022.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-halving-2024-a-blessing-or-a-curse/" rel="noopener noreferrer nofollow"> Bitcoin halving 2024: a blessing or a curse </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis&nbsp;</h2> 
<p>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.&nbsp;</p> 
<p>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 <a href="https://crypto.news/xrp-ruling-triggers-crypto-rally-sec-accepts-bitcoin-etfs-binances-woes-mount-weekly-recap/" rel="noopener noreferrer nofollow">legal victory</a> over the SEC.&nbsp;</p> 
<p>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.&nbsp;</p> 
<p>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.</p> 
<p>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.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/learn/what-is-the-bitcoin-halving/" rel="noopener noreferrer nofollow"> Bitcoin halving: What you need to know </a> </p>

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

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