Digital asset-focused investment firm Pantera Capital is confident Bitcoin (BTC) will spark a parabolic bull run after the halving next year.
In his latest blockchain letterAccording to the company, which has $3.5 billion in assets under management, Bitcoin is likely to rise more than 466% from its current value, reaching six figures for the first time in its history sometime by mid-2025.
says the company,
“Bitcoin historically bottomed out 477 days prior to the halving, then climbed up and then exploded upwards. The post-halving rallies lasted an average of 480 days – from the halving to the peak of the next bull cycle. IF history were to repeat itself, the price of Bitcoin should have bottomed out on December 30, 2022.”
The company predicts that Bitcoin will reach $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 rise to $35,000, leading to the halving event . when miners’ rewards are cut in half.
“The 2016 halving only reduced the supply of new Bitcoins by a third as much as the first. Interestingly, this had exactly one-third of the price impact. The 2020 halving reduced the supply of new Bitcoins by 43% from the previous halving. It had a 23% greater impact on the 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 the size of the reduction in the new supply. If history were to repeat itself, at the next halving, Bitcoin would rise to $35,000 before the halving and $148,000 after.”
The company made a similar prediction last year.
Bitcoin is trading at $26,102 at the time of writing, down 0.1% in the past 24 hours.
Don’t miss a single beat – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/PHOTOGRIN