Pantera Capital, which boasts $3.5 billion worth of assets under management, is predicting that Bitcoin (BTC) will reach a six-figure price.
According to a report co-authored by Pantera Capital’s founder and other executives at the digital assets-focused venture capital firm, Bitcoin could rally by around 32% from the current level prior to the next halving.
Afterward, Bitcoin would have to rally by over 450% to reach the peak of the next bullish cycle, per the Pantera Capital team.
“The next halving is expected to occur on April 20, 2024. Since most bitcoins are now in circulation, each halving will be almost exactly half as big a reduction in new supply. If history were to repeat itself, the next halving would see bitcoin rising to $35,000 before the halving and $148,000 after.”
Bitcoin is trading at $26,378 at time of writing.
Besides the halving, the Pantera Capital team says that there are other “positive events” that are likely to contribute to Bitcoin’s next bull run.
“We believe the combination of recent positive events – the XRP ruling and endorsements by BlackRock et al. – in addition to the Bitcoin Halving expected to occur in April 2024, provide a strong setup for the next bull market for digital assets.”
On whether Bitcoin has already bottomed out, the Pantera Capital team says,
“Bitcoin has historically bottomed 477 days prior to the halving, climbed leading into it, and then exploded to the upside afterward. The post-halving rallies have averaged 480 days – from the halving to the peak of that next bull cycle.
IF history were to repeat itself, the price of bitcoin should have troughed December 30, 2022.”
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