Bitcoin Price Recovers to $69k Ahead of 4/20 Halving

Bitcoin (BTC) price roared back from a dip and increased by 4.72% in the last 24 hours ahead of April 20 or 4/20 halving

The Bitcoin price returns from a dip in early April, soaring above $69,000 on Thursday as the network’s expected halving event approaches in a few weeks.

The Bitcoin price has risen by 4.72% in the last 24 hours to $69,003, reversing a three-day pattern in which the leading cryptocurrency (by market capitalization) fell below $70,000 and almost reached $65,000 on Tuesday before recovering on Thursday.

4/20 Bitcoin Halving Spikes Bitcoin Price

The Bitcoin halving is a quadrennial network event that halves the amount of BTC miners earn as a reward for successfully creating a new block. The cost of Bitcoin skyrocketed in March to an all-time high of $73,737, leaping multiple times during the month as it inexorably pushed higher. Bitcoin’s last all-time high was established in November 2021, about $69,000.

The predicted timing for the halving has fluctuated in recent weeks, as the event is tied to a specific network block, and Bitcoin activity and demand influence how soon the network reaches that point. It is expected on April 20 or 4/20, a noteworthy meme number that corresponds nicely with the current price—which also has another big meme intended to decrease the increase in the circulating supply and reduce inflation.

Cryptocurrency Market Sees Green

Bitcoin’s recent increase has triggered similar behavior throughout the market, which is up around 4% on the day, according to CoinGecko. Ethereum (ETH) is up nearly 4% to $3,415 today, while Dogecoin (DOGE) is up 6% to $0.186. Binance Coin (BNB) is the largest gainer among the top ten currencies, up 8% to $597.

Two of the top 100 cryptocurrencies have also seen significant gains in market capitalization. ORDI, a BRC-20 currency created using the Bitcoin Ordinals protocol, is up about 15% on the day to a price above $64. Bitcoin Cash, a fork of Bitcoin, is up around 12% to $644 after its halving event this week.