Bitcoin Price Predictions: Is $150,000 in Sight?
The future value of bitcoin (BTC) has been a topic of much speculation, and according to Pantera Capital, one of the largest asset managers in the cryptocurrency industry, the price of bitcoin could reach $150,000. In a recent newsletter, Pantera Capital bases this prediction on a historical analysis of bitcoin’s price cycles.
Bitcoin’s Journey to $150,000
Pantera Capital suggests that bitcoin’s price follows relatively predictable cycles. If these patterns continue, bitcoin could reach a value of $150,000 during the upcoming cycle peak.
The report states that the bottom and top of each bitcoin cycle typically occur around the same time, specifically before and after the bitcoin halving event. The halving event occurs approximately every four years and involves the reduction of block rewards for bitcoin mining.
“Historically, bitcoin finds its bottom around 477 days before the halving. The price rises leading up to the halving and experiences significant growth afterward.”
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According to Pantera Capital, based on this analysis, the bottom price of bitcoin occurred around December 30, 2022, at approximately $16,500. Leading up to the halving, the price is expected to be around $35,000, with the real surge happening within the 480 days after the halving.
“The next halving is scheduled for April 20, 2024. As most of the bitcoins are already in circulation, each halving will result in a half as significant decrease in supply. If history repeats itself, bitcoin could rise to $35,000 before the halving and up to $148,000 afterward.”
Based on the duration of previous cycles, this new all-time high is expected to occur in July 2025.
PlanB’s BTC Prediction
Pantera Capital’s prediction aligns with the expectations of PlanB, a well-known Dutch analyst who developed the stock-to-flow (S2F) model. This model studies the relationship between bitcoin’s production and existing supply to analyze possible future price trends.
According to PlanB’s model, bitcoin’s price often increases after each halving, with peaks occurring between the two halving events. Based on this model, the price of bitcoin could potentially reach six figures by the end of 2024 or early 2025. This correlation reinforces Pantera Capital’s forecast.
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It is important to note that these predictions are based on historical data and analysis, and the cryptocurrency market can be unpredictable. However, with the potential for significant growth, bitcoin continues to attract attention from investors and enthusiasts alike.