A Very Curious Coincidence Regarding the Upcoming Bitcoin Halving

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According to one Bitcoin halving date calculation, the fourth halving is likely to happen on Apr. 20. Previous halvings preceded years of significant growth in the cryptocurrency’s market price.

A recent post on /r/Bitcoin shared a screenshot of what is purported to be a Bitcoin Halving Date calculator output estimating the next Bitcoin halving will happen on 4/20. That would be especially neat because it will happen on block 840,000, and 420,000 is half of that number.

“Price gonna get so high,” Reddit user Leonard Smalls Jr commented. But not every Bitcoin halving date calculator agreed with that projection of the most likely next halving date.

Other Bitcoin Halving Date Estimates

“Bitcoin halving countdown is 74 days to the next Bitcoin halving occurring on Friday Apr 19, 2024. Bitcoin halving countdown clock 2024 is based on the block time average for the last 20,160 blocks, currently at 9 minutes 42 seconds,” said CoinWarz, a website that calculates Bitcoin mining profits.

Meanwhile, a halving calculator by hash power marketplace NiceHash that estimates the halving will happen on Apr. 14, says,”The current block reward is 6.25 BTC, the next block reward will be 3.125 BTC. This lowers the rate at which Bitcoins are generated. The halving is periodical and is programmed into Bitcoin’s code.”

“Conventional FIAT currencies allow governments or banks to print money and cause inflation. In Bitcoin’s case, the total supply will be maxed out at 21,000,000 BTC,” NiceHash explains.

Everyone knows 420 is one of Tesla and SpaceX founder and CEO Elon Musk’s favorite numbers. He once said he might take Tesla private at $420/share in a move that irritated the U.S. SEC. Perhaps Bitcoin will get a rare tweet about it from Musk, who likes to boost Dogecoin when he tweets about crypto.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

New BTC Supply Halvings Drive Demand

Bitcoin cuts its issuance of new currency in half every four years. In the months leading up to and immediately after the halving of previous quadrennial cycles, Bitcoin price seemed quiet.

But each cycle, it rallied over the following months to record highs about an order of magnitude higher than the previous record ($68,500 at the last ATH in 2021 and $20,000 in 2017) before peaking and correcting more than 50% over the next few months.

The post A Very Curious Coincidence Regarding the Upcoming Bitcoin Halving appeared first on CryptoPotato.

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