According to Pantera Capital, after the next halving cycle, Bitcoin (BTC) will reach $149,000. Meanwhile, a Bitcoin whale that has been dormant for 7 years has taken action.
Pantera’s Bitcoin bottom and top predictions
Analysts at Pantera Capital, one of the largest asset management firms, say that the price of Bitcoin could reach $149,000. However, they predict that this will happen after the next halving at the earliest.
The next halving is expected to take place on April 20, 2024. Thus, the mining reward will decrease from 6.25 BTC per block to 3.125 BTC per block. Every four years, this ‘block reward’ is halved. The name of this in crypto literature is ‘halving’. This process will repeat until the year 2140, when Bitcoin will reach its fixed supply of 21 million.
Pantera Capital analysts think that if the demand for new Bitcoins remains stable and the supply of new Bitcoins halves, it will likely push the price higher. They also expect demand for Bitcoin to increase before the halving event due to the expectation of price increase. Based on precedent, Pantera says the typical bottom formation is one year and three months before the halving. He also states that on average, the market peaks after 1.3 years, which takes a total of two and a half years to see the effect of the halving.
According to Pantera, if history repeats itself, Bitcoin price will most likely bottom out on December 30, 2022. After that, a rally will start in early 2024 and then a strong rally will follow after the halving event. Bitcoin historically bottomed out 477 days before the halving. He rallyed towards the event and had a reverse run as a result. If this repeats, Bitcoin is likely to rally to $36,000 and then to $149,000 before the next halving.
There are also higher estimates
Meanwhile, famous venture capitalist Tim Draper reiterated his prediction that the price of Bitcoin will see or even exceed the $250,000 level. Draper has repeatedly suggested that BTC will reach $250,000 by the end of 2023.
Bitcoin whales on the move
Recently, some dormant addresses have suddenly become active. On-chain data shows that as many as 10,000 BTC were transferred from an inactive wallet after a long time. According to CryptoQuant data, the massive Bitcoin transfer took place after nearly 7 years of dormancy. However, the fact that the transfer is not reflected in deposits in any exchange indicates that the transfer was made to other addresses. This is likely to serve as a warning against the potential volatile impact if BTC eventually makes its way to the exchanges.
Driving factors for the market
cryptocoin.comThe fallout from FTX’s collapse continues. In the near future, it is possible that the crypto market will potentially face further turbulence in the Genesis bankruptcy or the deepening crisis around it.
Meanwhile, it is also likely that Grayscale is at risk of potentially liquidating its Bitcoin holdings due to the crisis surrounding Digital Currency Group. Recently, Genesis announced that its efforts to raise $1 billion had failed. After that, it reduced its fundraising target to $500 million. According to experts, the company’s liquidity problems are also likely to lead to a bankruptcy, which will further weaken cryptocurrency investor sentiment.
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