“Pantera Capital’s Bitcoin Optimism: Predicts BTC Price to Reach $150,000 Within Next Halving Cycle”
Bitcoin’s price trajectory is aligning precisely with its historical cycle patterns, asserts Pantera Capital, a prominent cryptocurrency fund. According to the firm’s latest “Blockchain Letter” published on August 22, their bullish projections for Bitcoin’s price in 2024 and onward remain steadfast.
Pantera Capital emphasizes the pivotal role of halving events in Bitcoin’s price dynamics. With the upcoming halving expected in the next twelve months, the firm places its bet on the continuation of established historical trends.
The cycle of Bitcoin’s price bottoms and tops appears to mirror the intervals between each block subsidy halving, where the amount of Bitcoin rewarded to miners per block is halved. Pantera Capital points out that historically, Bitcoin has hit its bottom approximately 477 days before halvings, followed by an upward trend leading into the event and a subsequent significant surge.
“The post-halving rallies have averaged 480 days – from the halving to the peak of that next bull cycle,” the report states. This pattern led to the speculation that the bear market bottom of 2022 marked the current cycle’s bottom.
Following this trajectory, Pantera Capital predicts that by the April 2024 halving, Bitcoin could potentially trade at around $35,000, a forecast that is still well within range.
However, what sets the stage for excitement is the subsequent 480 days, during which Bitcoin’s performance promises not only a new all-time high but much more.
Pantera Capital highlights the impact of past halvings on Bitcoin’s supply and subsequent price movements. The decrease in supply resulting from halvings has historically influenced the price in proportion, with the 2016 halving causing a one-third reduction and the 2020 halving a 23% reduction in comparison to the first halving. With the upcoming halving, the anticipated reduction in supply, coupled with historical patterns, suggests a potential rise to $35,000 before the halving and a remarkable $148,000 after it.
Projecting 480 days from the April 2024 halving, Bitcoin is slated to reach its next all-time high by July 2025, offering substantial gains for Bitcoin bulls.
Pantera Capital is not alone in its optimism. Other forecasts also predict six-figure valuations for Bitcoin beyond the upcoming year, supported by metrics like the “Lowest Price Forward.” This metric indicates the possibility of Bitcoin surpassing $100,000 by 2026, although some experts anticipate this milestone post the next halving.
In a rapidly evolving crypto landscape, Pantera Capital’s analysis bolsters the growing consensus that Bitcoin’s future could be characterized by substantial price appreciation.