Bitcoin will reach its next peak in July 2025 at $148,000, says Pantera Capital

Bitcoin continues to fluctuate around 26,000 dollars after a significant drop last Thursday. However, the leading cryptocurrency is unlikely to witness notable gains before the highly anticipated halving expected to occur on April 20, 2024.

According to a recent projection from Pantera Capital, in the next halving, bitcoin would rise to 35,000 dollars before it and then to 148,000 dollars afterward, citing historical patterns.

Pantera’s Observations on Bitcoin Halving

Pantera Capital claims that the performance of bitcoin’s price is significantly influenced by its halving cycles. With the next one expected in 2024, the company bets that the trend will continue.

In the latest edition of its Blockchain Letter, published on August 22, the crypto-focused hedge fund reiterated its optimistic price predictions for bitcoin in 2024 after the halving when the reward for mined blocks will drop from 6.25 to 3.125 bitcoins.

Pantera stated that the first halving reduced the supply of new bitcoins by 17 percent and added that the event had a massive impact on price. The second halving, in 2016, reduced the supply of new bitcoins by only a third of what the first did. Pantera noted that this reduction in supply precisely corresponds to a third reduction in price impact.

Similarly, the halving in 2020 reduced the supply of new bitcoins by 43 percent compared to the previous halving.

– The next halving is expected to occur on April 20, 2024. Since most bitcoins are now in circulation, each halving will be almost exactly half the reduction in new supply. If history repeats itself, bitcoin should rise to 35,000 dollars before the halving and 148,000 dollars afterward – wrote Pantera.

A New Peak in July 2025?

Pantera stated that bitcoin has historically bottomed out 477 days before a halving, experiencing a rise leading up to the event, and then dramatically increasing afterward.

Bull markets following halving events have averaged 480 days from the event to the peak of the next cycle. In such a scenario, with the halving in April 2024 as the starting point, bitcoin is expected to reach its next all-time high around July 2025.