Analysts at the leading asset management company Pantera Capital believe that the price of Bitcoin could increase to $149,000 after the next stop, which is expected in 2025.
If you don’t know, Pantera Capital is an investment company that focuses on investments and projects related to blockchain technology and is moving towards fully entering the digital asset industry.
The next halving is expected to happen by April 20th, 2024 and Bitcoin mining rewards will halve from 6.25 BTC per block to 3.125 BTC per block by halving every block reward Four years, we call this a halving, this process will repeat until the year 2140, by which time Bitcoin will reach the circulating supply of 21 million coins.
Pantera Capital analysts believe that if the demand for new Bitcoins remains constant and the supply of new Bitcoins is halved. This could cause the price to rise. In addition, there is an increase in demand for Bitcoin before the halving event as the price is expected to increase.
Following the previous approach, Pantera noted that the formation of a bottom usually lasts one year and three months. And on average, it takes the market to reach a new all-time high in 1.3 years, which means it takes more than 2 years for the market to reach a new all-time high.
If history repeats itself, Bitcoin price is likely to bottom on December 30, 2022, and possibly rally in early 2024, just after the halving.
Bitcoin hit a historic low of 477 days before halving. The increase led to the event and, as a result, a sudden reversal in price. So if it repeats, the next halving could see Bitcoin rise to $36,000 before the halving. and immediately increased to $149,000.
Well-known venture capitalist Tim Draper once again spoke about his prediction that the price of Bitcoin could reach $250,000 and beyond.
Draper has repeatedly predicted that BTC could reach $250,000 by the end of 2023, although Bitcoin is currently trading at $16,555, a modest 5% increase following a sharp decline caused by the collapse of the FTX exchange.