This is HODL.FM. The only crypto publication that houses runaway grooms who won’t choose the bride over Bitcoin.
Here is what we made for you today:
- Bitcoin Halving Event might take place on 4/20;
- The 5 guys from California who invented the joint smoking time (sounds like a time machine in the Netflix Series Dark);
- Determining the day and time of the halving.
Bitcoin’s halving event is quickly approaching, and on-chain data forecasts show the target has moved from 15th April to 20th April 2024.
Related: What is the Bitcoin Halving and How Bitcoin’s Supply Is Limited
Why All the Fuse with 4/20?
In 1971 – Jeffrey Noel, Steve Capper, Larry Schwartz, Dave Reddix, and Mark Gravich devised a secret code for meeting later in the day to smoke a joint. They called it 420. The 5 students would mumble the words to each other in the hallway, and meet at exactly 4:20 PM.
Since then, 420 has become a celebration marked worldwide where millions in different regions every 20th of April to smoke weed. This year’s event will hold enormous sentimental value to hodlers in love with Bitcoin, including us at the Hodl.fm, we can ascertain our very stable relationship with BTC ever since it touched a high of $71,000. Sweet thing is we only get high when the bull market is full swing.
Back to the main thing here: Bitcoin halving, an event which slashes miner rewards by half after every four years could take place on April 20 (4/20), indicates onchain data. It is the very same target as of last month’s Valentine’s Day when investors were anticipating the halving to occur on 4/20 and for Bitcoin’s price to achieve a $69,000 new all-time high.
The perfect meme number, right? The problem is that it got ruined when the first fully decentralized cryptocurrency blasted past its all-time high to test $73,000. At the same time when Bitcoin tested new highs, the halving event’s target date also moved from 20th April to 15th April.
Meanwhile, the target is back on April 20 once again, and your perfect meme number is partially achieved. It is always possible for estimates like this one to shift as April nears but there is a high probability of Bitcoin’s halving taking place on the date.
Usually, the Bitcoin network mines each block within 10 minutes. However, the rate per block could also go as high as 15 minutes. Currently, we are at block height 835,701 while the event is slated to happen at 840,000. If this data is anything to go by, then the 4/20 estimate is highly likely to fall in place.
One of the factors to look out for is the number of transactions per block. Each block size shelters nearly 2,700 transactions, and whenever there is high network demand, the turnaround for confirming the block is usually accelerated.
More Info:
- Historical Peaks and Downs of Bitcoin’s 15 Years of Existence
- Bitcoin Fear & Greed Index to Highest in 3 Years at 90
On the contrary, when demand is low and transactions are fewer, block confirmation time may be slower. At the look of things during press time, demand is quite high at the moment with the increasing uptake of ETFs and Ordinals.
For now, our best guess for the Bitcoin halving is April 20. If it’s entirely possible, we live it up to the gods of cryptocurrencies.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.