Analysts at leading asset management company Pantera Capital believe the price Bitcoin It might surge sharply to $149,000 following the next halving, which is expected in 2025.
If you don’t know, Pantera Capital is an investment firm that focuses on technology-related investments and projects. Blockchain And is moving forward to fully enter the digital asset industry.
The next halving is expected to occur by April 20th, 2024 and will see Bitcoin mining rewards halved from 6.25 BTC per block to 3.125 BTC per block by halving every block reward. Four years, we call this halving, this process will repeat until the year 2140, by which time Bitcoin will reach the circulating supply of 21 million coins.
Pantera Capital analysts are of the opinion that if the demand for new Bitcoins remains constant and the supply of new Bitcoins is halved This might cause the price to rise. Additionally, there is an increase in demand for Bitcoin before the halving event as the price is expected to increase.
Following the previous approach, Pantera noted that the formation of a bottom level typically lasts a year and three months. And on average, it takes the market to reach a new all-time high in 1.3 years, which means that in total it took the market more than 2 years to reach a new all-time high.
If history repeats itself, Bitcoin’s price is likely to bottom on Dec. 30, 2022, and possibly rally in early 2024, only following the halving.
Bitcoin hit a historic low of 477 days before halving. The increase led to the event and, as a result, a sharp reversal in price. So if it repeats, the next halving might see Bitcoin rise to $36,000 before the halving. and immediately increased to $ 149,000.
Higher forecasts
Well-known venture capitalist Tim Draper once once more mentioned his prediction that the price of Bitcoin might reach $ 250,000 and beyond.
Draper has repeatedly predicted that BTC might hit $250,000 by the end of 2023, although Bitcoin is currently trading at $16,555, a modest 5% gain following a sharp decline caused by the exchange collapse. FTX
