There’s Only 1M Bitcoin Left to Mine, and Scarcity Could Set Up the Biggest Cycle Yet

by | Jan 27, 2026

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If you’ve been following crypto for any length of time, you probably already know about the halving cycles — those powerful events that tend to send Bitcoin’s price into the stratosphere.

A halving is when the reward for mining new Bitcoin gets cut in half, which instantly raises the cost to produce each coin. Every time this has happened, the market has eventually reacted with major upside because supply growth slows while demand stays steady or increases.

But here’s something you might not be tracking closely enough: In less than 45 days, we’ll be down to the final 1 million Bitcoins left to mine out of the total 21 million supply. That’s it. We’re talking about the last 5% of Bitcoin’s entire existence.

This isn’t like the dollar, where the Fed can fire up the printing press whenever they feel like inflating away your hard-earned money. Bitcoin is a limited supply asset — you can’t print more of it. And as we get closer to that final million, the scarcity factor becomes more and more pronounced.

Why the Halving Cycle Still Matters

I know what some of you are thinking…

“Graham, you missed your call last cycle.”

And you’re right. I projected Bitcoin would hit $145,000 to $150,000 in the last cycle and we never got there. I ended up giving back a lot of gains on the way down and that’s on me.

But the halving cycle still matters because it fundamentally changes the economics of mining overnight. When the last halving hit, Bitcoin was sitting at $37,000. It eventually ran up to $125,000. That kind of move doesn’t happen by accident — it happens because miners suddenly face higher costs and the market reprices Bitcoin accordingly.

We’re not quite there yet — we’ve got about two years before the next halving — but we’re entering what I’d call crunch time. The question isn’t whether the pattern will repeat. The question is how big the move will be.

My New Target: Above $200,000

At the very least, I believe Bitcoin will break above $200,000 in the next halving cycle. That’s my base case, not my stretch goal.

And yes, I’m putting my money where my mouth is. I’ve already started building a new Bitcoin position, even though it’s currently down a bit thanks to the recent tariff news.

Market shocks like tariffs can rattle investor sentiment in the short term, but they don’t change the structural forces driving Bitcoin’s long-term trajectory. If anything, dips like this give me a better entry point to accumulate before the next big cycle unfolds.

The halving cycle is one of the most powerful and consistent patterns in crypto. Every day that ticks by, we’re getting closer. And with only 1 million Bitcoin left to mine, the setup is getting more compelling by the day.

I’m not saying this is a guarantee — I’ve been wrong before and I’ll be wrong again. But the combination of scarcity, halving mechanics and historical precedent makes this one of the more interesting setups I’m tracking right now.

Graham Lindman
Graham Lindman Trading

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