Pantera Capital Has Given a Target Price for Bitcoin! Crypto fund Pantera Capital says that the upcoming Bitcoin (BTC) devaluation event will trigger a rally from the beginning of 2024.
Pantera Capital CEO Dan Morehead and other executives are telling investors that the price of Bitcoin may fall in November and gain momentum ahead of the next half. The reduction event of Bitcoin occurs when the block reward of the miners is reduced, as a result, the supply is reduced. In the past, Bitcoin prices have risen before and after halving events. Another one is expected this spring.
“Bitcoin has historically bottomed 477 days prior to the halving, climbed leading into it, and then exploded to the upside afterward. The post-halving rallies have averaged 480 days – from the halving to the peak of that next bull cycle. If history were to repeat itself, the price of Bitcoin would trough November 30, 2022. We would then see a rally into early 2024 and then a strong rally after the actual halving. The following chart shows what might happen if Bitcoin repeats the performance around previous halvings.”
Pantera Capital – Bitcoin Halving
Pantera Capital predicts that the price of Bitcoin will increase to $ 36,000 before the other half which is expected to happen in March 2024 and continue its bull run to $ 149,000.
“The 2020 halving reduced the supply of new Bitcoins by 43% relative to the previous halving. It had a 23% as big an impact on price. The next halving is expected to occur on March 22, 2024. Since most Bitcoins are now in circulation, each halving will be almost exactly half as big a reduction in new supply. If history were to repeat itself, the next halving would see Bitcoin rising to $36,000 before the halving and $149,000 after.”
