Bitcoin on-chain and cycle analyst Root shared an update on X that the next halving of the cryptocurrency is steadily approaching, with the progress toward the event now at 61%.

In an X post, Root wrote that "Halving progress 61%," sharing a screenshot to back up this claim.

Halving progress 61%. #Bitcoin pic.twitter.com/XGU3mOO32n

— Root 🥕 (@therationalroot) September 22, 2026

Bitcoin halvings happen about every four years, and they reduce the amount of reward miners receive for mining a new block by half. The last halving was in April 2024, and it reduced the reward from 6.25 $BTC to 3.125 $BTC. The next halving is expected around 2028, when the reward will fall to 1.5625 $BTC.

According to OKLink, the estimated date for the next Bitcoin halving is April 13, 2028. The remaining number of blocks to this event is 109,012.

Expectations for the next halving event remain positive. As reported, Coinbase CEO Brian Armstrong envisages a Bitcoin price run-up ahead of the next halving event. "And we tend to see run-ups in advance of that," Armstrong said.

This expectation adds to the Coinbase CEO's optimism about the next year or two. "I think the next year or two is going to be good for Bitcoin, and we'll see what happens," he said.

Bitcoin reclaims long-term MA

Bitcoin was trading at $86,099, up 0.86% in the last 24 hours, according to CoinMarketCap. The cryptocurrency surged as high as $87,397, its highest level since late January 2026.

In a positive milestone, $BTC has reclaimed every one of its long-term moving averages. After around 300 days beneath them, this dynamic has now flipped, and holding above them is what maintains a long-term uptrend.

Bitcoin closed above its 365-day moving average for the first time since March 2023—the line that has signaled every bull market since 2019—with its next resistance at $88,000 to $90,000.

Bitcoin ETFs saw over $1 billion in inflows, the biggest one-day flow haul since October 2025. BlackRock's IBIT led with $381 million, while ARK 21Shares Bitcoin ETF (ARKB) and Fidelity's FBTC had over $200 million each.

The average Bitcoin ETF holder is back above water for the first time since January, as a recent rally put $BTC above the estimated ETF cost basis of $81,722 per coin.