Last week, there was a sharp drop in Bitcoin and altcoins. As the search for direction begins in the market, investors continue to be uneasy about further declines.
At this point, positive evaluations came from Pantera Capital, which has more than $4 billion in assets under its management.
Stating that BTC price performance is closely related to halving cycles, Pantera Capital predicted that historical trends will continue in the halving event, which is expected to take place in 2024.
At this point, Pantera Capital stated that it expects Bitcoin to reach $35,000 before the 2024 halving and then rise to $148,000.
The company based this prediction on Bitcoin's performance in the previous two halvings in 2012 and 2016.
“Bitcoin has experienced the longest annual negative return period in its history, lasting 15 months.
Our view is that we have seen enough negative things in Bitcoin.
At this point, we expect a rise for Bitcoin.
We think that the recent positive events (XRP decision and ETF applications from BlackRock and other companies) will provide a strong environment for the next bull market for BTC and cryptocurrencies, in addition to the Bitcoin Halving, which is expected to take place in April 2024.
Bitcoin historically bottomed 477 days before the halving and then went up.
Post-halving rallies take an average of 480 days from the halving to the peak of the next bull cycle, during which the price is booming.
The next halving is expected to occur on April 20, 2024. If history repeats itself, Bitcoin could rise to $35,000 before the next halving, and then to $148k afterwards.”
*Not investment advice.
