According to some Bitcoin halving date calculations, the fourth halving is likely to occur on April 20th. Previous halvings occurred before Bitcoin’s market price increased significantly over the years.
A recent post on /r/Bitcoin shared a screenshot of what is purported to be the output of a Bitcoin halving date calculator that estimates the next Bitcoin halving will occur on April 20th. This is especially great because this happens in blocks 840,000 and 420,000 is half that.
“Prices are going to be very high,” Reddit user Leonard Smalls Jr. commented. However, not everyone calculating the Bitcoin halving date agreed on the most likely prediction of the next halving date.
Other Bitcoin halving date estimates
“Bitcoin Halving Countdown is 74 days until the next Bitcoin Halving on Friday, April 19, 2024. The 2024 Bitcoin Halving Countdown Clock is based on the block time average of the past 20,160 blocks. , currently 9 minutes and 42 seconds,” Coinwords said. A website that calculates Bitcoin mining profits.
Meanwhile, the halving calculator by hash power marketplace NiceHash predicts that the halving will occur on April 14th, stating that “the current block reward is 6.25 BTC and the next block reward will be 3.125 BTC.” It has said. This reduces the rate of Bitcoin generation. Halvings are periodic and are programmed into Bitcoin’s code. ”
“Traditional fiat currencies allow governments and banks to print money and cause inflation. In the case of Bitcoin, the total supply is up to 21,000,000 BTC,” NiceHash explains.
We all know that 420 is one of Tesla and SpaceX founder and CEO Elon Musk’s favorite numbers. He once angered the US SEC by saying he could take Tesla private at $420 per share. Bitcoin will probably be the subject of a rare tweet from Musk, who prefers to boost Dogecoin when tweeting about cryptocurrencies.
Halving new BTC supply drives demand
Bitcoin reduces the amount of new currency issued by half every four years. Bitcoin prices seemed quiet in the months leading up to the past four-year halving.
But cycle by cycle, it rose in the following months, hitting highs that were about an order of magnitude higher than previous records ($68,500 at the previous ATH in 2021 and $20,000 in 2017). It then peaked and corrected by more than 50% over the next few months.