The crypto-asset manager Pantera Capital think the bitcoin price (BTC) will reach nearly $150,000 in the first half of 2025.
BTC price predictions and what will happen after the next halving of BTC were published in the last Blockchain Letter by Dan Morehead, Joey Krug and Jesus Robles of Pantera.
“Historically, Bitcoin hit its lowest price 477 days before the halving, then rose and then exploded higher. Post-halving bulls lasted an average of 480 days from the halving to the peak of the next bull cycle,” the three crypto investment managers wrote in their letter.
“If history were to repeat itself, the price of Bitcoin would bottom out on November 30, 2022. We would then see a rally through early 2024 and then another big rally after the halving,” they wrote. added.
Pantera predicted Bitcoin price to rise to around $36,000 ahead of next halving and would peak near $150,000 afterwards.
The next halving is expected to take place on March 22, 2024.
Historically, Bitcoin bottomed out 1.3 years before each halving and its highest level 1.3 years later.
If history repeats itself, the peak of the next bull market should therefore be seen in the first half of 2025..
This isn’t the first time Pantera has predicted higher prices
It should be noted, however, that this is not the first time that Pantera has predicted a massive rise in Bitcoin price.
In February this year, Joey Krug, head of Pantera’s investment department, said that the crypto market was ready to “decouple” from traditional macro assetseven in the face of higher interest rates.
“That doesn’t guarantee it won’t fall much further next month, or later, but it just means the odds are really high that the markets are at an extreme point and will rebound relatively quickly,” he said at the time. Krug said.
The firm, however, remained cautiously optimistic in June this year, when Morehead of Pantera predicted the worst was already behind us for this year’s cryptocurrency market decline.
There could still be “a few more drops to come in the next month or two”said Morehead, before adding that “with a downtrend of 70-90%, the worst is surely behind us.”
At the time, Morehead had also admitted that his fund, which is normally heavily focused on altcoins, had made “a larger bitcoin allocation to reduce downside risk.
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