Digital assets-focused investment firm Pantera Capital has the conviction that Bitcoin (BTC) will spark a parabolic bull run after the halving event next year.
In its latest blockchain letter, the firm, which has $3.5 billion in assets under management, says Bitcoin will likely increase by more than 466% from its current value, hitting six figures for the first time in its history sometime in mid-2025.
[adinserter block="1"]Says the firm,
“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.”
The firm predicts Bitcoin will hit $147,843 around August 13, 2025, 480 days after the next expected halving event on April 20, 2024. Pantera also says that based on Bitcoin’s historical behavior, the king crypto will grind up to $35,000 leading into the halving event when miners’ rewards are cut in half.
“The 2016 halving decreased the supply of new Bitcoins only one-third as much as the first. Interestingly, it had exactly one-third of the price impact. The 2020 halving reduced the supply of new Bitcoins by 43% relative to the previous halving. It had a 23% as big an impact on price.
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.”
The firm made a similar prediction last year.
Bitcoin is trading for $26,102 at time of writing, down 0.1% in the last 24 hours.
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