Upcoming Bitcoin Halving Doesn’t Leave Much Room for Negative Price Forecasts

The CoinDesk published an article saying Bitcoin might be about to slide to $ 47,000. However, the most important event for Bitcoin (BTC) is certainly the rapidly approaching “V-Day” of Bitcoin halving, which is tentatively expected on 24 April, meaning that Bitcoin simply does not have time for a prolonged correction, despite the opinion of some crypto-analysts. Halving is the so-called process of “slashing” miners' remuneration by a half in order to maintain the network's original mining difficulty characteristics, as stipulated by the legendary Satoshi Nakamoto.

In other words, the planned event in Bitcoin's issuance is due to its limited total supply embedded in the cryptocurrency's source code. As we know, a maximum of 21 million BTC coins can be mined in total worldwide. Disregarding some extreme forecasts — like reaching $100000 per BTC by the end of the year — but rather applying technical analysis instead, as well as the activity of large BTC crypto wallets (wallets of the so-called “whales”) give a high chance of reaching the $55000 per BTC mark.