- Pantera Capital predicts Bitcoin’s value to surge to $35,000 before the next block reward halving and $148,000 post-halving.
- Dan Morehead, CEO of Pantera Capital, believes that Bitcoin’s 15-month period of negative returns could have ended.
- Pantera Capital’s forecast is based on the historical impact of Bitcoin’s block reward halving on its price.
Leading cryptocurrency hedge fund, Pantera Capital, has released its latest Bitcoin (BTC) forecast. The firm anticipates the premier cryptocurrency to surge to $35,000 before the next block reward halving and expects it to double its record following the halving.
Pantera Capital Foresees $148,000 Bitcoin
Crypto hedge fund, Pantera Capital, has shared its latest price prediction for Bitcoin. The firm expects the leading cryptocurrency to reach around $35,000 before April 2024, and following the block reward halving, it predicts a bull market that could see Bitcoin skyrocket to $148,000.
In the released note, the firm highlighted the upcoming block reward halving of Bitcoin, stating, “The next block reward halving is expected to occur on April 20, 2024. If history repeats itself, Bitcoin could reach $35,000 before the next block reward halving and $148,000 afterwards. Historically, Bitcoin has hit its bottom 477 days before the block reward halving. It usually starts climbing towards the halving and then explodes afterwards. As we have seen over the past years, the block reward halving is a very significant period for the price of Bitcoin.”
Pantera Capital CEO: Enough Decline Has Been Seen
Furthermore, Pantera Capital’s founder and CEO, Dan Morehead, drew attention to a striking reality on his personal X account regarding this prediction. Morehead suggested in his Bitcoin commentary that the decline in the leading cryptocurrency might have ended, stating:
Bitcoin recently experienced its longest negative year-to-year return period in history, lasting 15 months. The previous longest negative year-to-year return period was just under a year. Our view is that we have seen enough decline and that markets can only decline for so long.
