As the Bitcoin Halving event approaches, there are fewer than 2,900 blocks remaining before the rewards for miners are reduced by half. This event is expected to occur in April and is significant because it could lead to a significant increase in Bitcoin's price.

According to data from Coinwarz, the Bitcoin Halving is scheduled to happen on April 19 at Block 840,000. This projection is based on the current average block time of Bitcoin, so the Halving might occur slightly earlier or later than April 19. Nevertheless, the primary focus is on the reduction of miners' rewards by half.

The Halving event is a deflationary measure that was built into Bitcoin by its creator, Satoshi Nakamoto, and happens every 210,000 blocks. Since the mining of Bitcoin's first block in 2009, there have been three previous Halving events in November 2012, July 2016, and May 2020, which have gradually decreased miners' rewards. With the upcoming event, miners will see their rewards halved to 3.125 BTC.

This reduction in miners' rewards can impact the overall supply of Bitcoin, which often leads to an increase in the cryptocurrency's value. Historically, each Halving event has been followed by a significant price surge for Bitcoin. After previous Halvings, Bitcoin's price surged by large percentages, indicating a potential bullish trend post the 2024 Halving as well.

Currently, Bitcoin is trading at approximately $70,400, reflecting a rise in value over the last 24 hours. This surge in price is attributed to the escalating demand for Bitcoin amidst a shrinking supply, which suggests a positive outlook for Bitcoin's future performance post the Halving event.