In the ever-evolving world of cryptocurrencies, the halving event stands as a significant milestone. Pantera Capital, a renowned US-based cryptocurrency hedge fund, has made a bold prediction about Bitcoin's price post the 2024 halving.
Dive in to discover their insights, historical trends, and how other industry experts weigh in on the future of Bitcoin.
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Pantera Capital's Bold Prediction
In a blockchain letter released on August 22, 2023, the US-based cryptocurrency hedge fund, Pantera Capital, predicted that the price of Bitcoin could potentially reach $148,000 following the 2024 halving.
The term "halving" refers to the moment when the reward amount for Bitcoin mining gets halved.
This event, which leads to a reduction in the number of new Bitcoins issued, is historically seen as one of the crucial events leading to a surge in BTC prices.
Historical Trends and Predictions
Pantera Capital's report highlighted that historically, Bitcoin has hit its lowest price 477 days before the halving, followed by a rise leading up to the halving and then a significant surge.
They further elaborated that the post-halving surge typically lasts for an average of 480 days.
While history suggested that BTC should have bottomed out on December 30, 2022, the actual low was recorded a bit earlier on November 9, 2022.
Pantera Capital, considering the $16,000 mark recorded at the end of the previous year as Bitcoin's lowest, predicts that by the time of the halving on April 20, 2024, Bitcoin's price could be at $35,500.
They further forecast that the subsequent price surge could surpass previous highs, reaching $148,000.
Diverse Opinions on Bitcoin's Future Price
While many believe that Bitcoin's price will surge significantly post-halving, opinions vary on the exact potential price. The most common prediction hovers around $120,000.
However, Blockware Solutions, a company offering mining-related services, suggests that the price could potentially reach as high as $400,000.
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