Bitcoin Price Could Reach $150,000 in Next Cycle, Pantera Capital Predicts
Pantera Capital, a Bitcoin bull, says that the BTC price, currently at around $26,447, is on track for its cycle’s top and bottom timings.
They believe that Bitcoin could reach nearly $150,000 during its upcoming four-year halving cycle. In their recent “Blockchain Letter” on August 22, the crypto asset manager reiterated their optimistic BTC price predictions for 2024 and beyond.
Pantera Capital Believes Bitcoin’s Price Relies on Halving Cycles
Pantera Capital suggests that Bitcoin’s price performance is closely tied to its halving cycles. With the next halving expected within a year, the firm is confident that historical patterns will continue.
According to Pantera, BTC/USD tends to reach a cycle bottom and top about the same time from each block subsidy halving, which slashes miner rewards in half.
Pantera states, “Bitcoin has historically hit its bottom 477 days before the halving, then surged leading up to it, and skyrocketed afterward.”
They note that post-halving rallies usually last around 480 days, from the halving to the peak of the subsequent bull cycle. This implies that the 2022 bear market bottom marked the current cycle’s bottom.
By the April 2024 halving, Bitcoin’s value could be approximately $35,000, and Pantera believes this projection remains feasible. However, the 480 days following the halving hold the potential for not only a new record high but even more significant growth.
Pantera emphasizes that the 2016 halving reduced new Bitcoin supply by a third and had a similar impact on price. The 2020 halving led to a 43% decrease in supply and a 23% price impact.
The upcoming halving is projected for April 20, 2024. Since most bitcoins are already in circulation, each halving will have nearly half the reduction in new supply. If history repeats itself, Bitcoin could rise to $35,000 before the halving and then surge to $148,000 after.
With 480 days from an April 2024 halving, Bitcoin could achieve its next all-time high by July 2025.
Bitcoin halving characteristics (screenshot). Source: Pantera Capital
Bitcoin bulls could anticipate a 4.2x increase
Many others are also making bullish predictions for Bitcoin’s price, envisioning it reaching six figures and beyond in the coming years. Some of these optimistic projections rely on metrics like Bitcoin’s “Lowest Price Forward,” which recently indicated that BTC/USD could exceed $100,000 by 2026.
There are also those who anticipate the possibility of hitting $100,000, although they don’t expect it to happen until after the next halving scheduled for next year.
BTC/USD performance around halvings (screenshot). Source: Pantera Capital
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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